Hello Friends,
I am salaried as well as running business. I earn from contracts of hireing vehicles. I have NOT received any biils for the contract for FY2010-2011, But there will be TDS on that. Whatever biils are paid to me against the contract out of it there will be Driver Wages and Fuel Charge, So in this case how to calculate income from hiring a vehicle?
- Dibyendu
Dear Dibyendu,
Prepare a Profit and Loss Statement and a Balance Sheet. Whatever is the balance will be your Profit which will be taxed under the head Income from Business and if there is a Loss, then no tax. Also obtain the TDS certificate from your client and claim it in the Income Tax Return. You will have to file Income Tax Return - 4 as you have a business as well as salary income.
Regards,
Devendra Kulkarni
CAclubindia
