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Rent recieved from whole of lodge and restaurant 44 AD applicability

Others 1095 views 13 replies

HARSHA BHAT

180 Points Posted on 06 August 2022

if full building with all amenities for lodging and restaurant purposes given on rentals can the income be declared under presumptive basis under section 44ad

Replies (13)

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 06 August 2022

Yes you can opt u/s 44AD

HARSHA BHAT

180 Points Posted on 06 August 2022

Thank you madam

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 06 August 2022

May I know under which section TDS is deducted on the rent?

HARSHA BHAT

180 Points Posted on 06 August 2022

194IA

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 06 August 2022

Welcome Dear...

sabyasachi mukherjee

Profession Business

28207 Points Posted on 07 August 2022

First what is the condition?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 07 August 2022

TDS sec. 194I-A.......... What a Joke???

HARSHA BHAT

180 Points Posted on 07 August 2022

194i(a)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 07 August 2022

Ok. Means at 10% rate.

Whether there is any Rent agreement or any business conductance agreement between the parties?

HARSHA BHAT

180 Points Posted on 07 August 2022

Yes there is an agreement that states it's. composite rent inclusive of furniture fixture appliances etc

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 07 August 2022

" COMPOSITE RENT ............"

Then how will you justify the eligibility of sec. 44AD of the act, when the TDS is deducted u/s. 194(ia)?

sabyasachi mukherjee

Profession Business

28207 Points Posted on 07 August 2022

Why sec 44Ad is considered here?

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 07 August 2022

Assessee main business is of renting hotel rooms , so Same is considered under business . The only thing you have to keep in mind in TDS schedule select head income from B&P against TDS income.