Rental income for machine is recevied on which 2% TDS is deducted (secion 194) ...
assesse is having only such income no other income is earned during the period.
kindly suggest which ITR should be file..????
4 Replies
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 05 July 2018
if lending of machinery is business do itr-3
otherwise u can show as income from other source itr-1
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 05 July 2018
In simple way ITR 4 can be filed under section 44 AD by declaring 8% or more of gross receipts as income.
Otherwise ITR 1 can be filed.
Yogi
( )
(93 Points)
Replied 05 July 2018
TDS is deducted on Gross Amount and if i will file ITR 1 by showing other source income then income is not such gross amount...it will be less than such amount after deducting expenses.
then it is not matched with amount shown in26 AS.
So whether it is mismatch ...??
then it is not matched with amount shown in26 AS.
So whether it is mismatch ...??
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 06 July 2018
If u want to deduct expense u may file your return in ITR 3 by preparing P&L account.
In simple way You may offer 8% or more of your gross receipts as income in ITR 4 under business code " 08009 "
In my opininon it is better to file in ITR 4.
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