One of my friends is having income from Tempo driving (bought tempo and drive himself) and annual income is less than 4 lakh. In this case , which ITR form to be used..?
He can file return in ITR 4 and offer the profits of business u/s 44AE provided the tempo is in his own name and it is used for transportation of goods ( not people ) . Presumptive Net Income of Rs.7500 per month per vehicle.
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