Hi!
If an assessee owns 1 truck & runs 1 truck on hire, under the same business name, can the income from the owned truck be shown under section 44AE & that from the rented truck under section 44AD at the same time?
Kindly Help!
Thank you!
Menu
Section 44ad & 44ae
Replies (2)
Both to be filled u/s 44AE
@ Vishal: Section 44AE clearly states "owned or taken or hire purchase" so we cant show the income from the rented truck in 44AE. My query was whether or not we can use section 44AE & 44AD together for the same business.
Recent Threads
- Regarding CA foundation Exemption (Direct Entry Sc
- CFSS Scheme
- Transfer of ITC from individual to LLP
- Query of Goodwill
- Remuneration to Partners
- Request For Dhirajlal Rambhia
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
- Form 121 requirement
- Interest on reversal of ITC when ITC balance avail
Related Threads
CAclubindia
