dear sir
with respectfully I beg to state that I purchase a truck on bank loan . at time of purchase truck seller collect tax at ₹16245 I want to refund this amount . At time of filing Itr 4 in column 44AE I DECLARE PROFIT ₹90000 ONLY . MY Installment is ₹15340 pm .so I want to know that I declare profit ₹90000 or more .kya profit main loan ki principal amount include hogi
I Request you to solve this issue
Thank you
Regards
Mudit Gupta
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Regarding 44AE
Replies (6)
EMI contains two parts.......... principal and interest.........
Interest part gets adjusted against income declared but principal amount gets reduced from the profit declared. So, the declared profit has to be adjusted to minimum level of principal amount paid.
how income show in Itr means principal of loan plus profit as profit as per 44Ae or ₹90000
plz reply soon
In any case income declared should not be less than principal amount repaid, (subject to any capital introduced by owner). Section 44AE allows you to declare any amount higher than the minimum limit per truck (i.e. 90K PA).
thanks
My pleasure...
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