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ITR for machinery rental income

Yogi ( ) (93 Points)

05 July 2018

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..????

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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

1 Like

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.

1 Like

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 ...??