Matter of transport return

This query is : Resolved 
 

(Querist)
03 April 2012

gud evening to all experts.plz tell me that i m a transporter and i have own 5 truck.my lic is 80000.my total tax liablity after deution is=300000-80000=220000.than total tax is 20000*10.3%=2060.than can u tell me in which itr form i will fill my income tax return.plz reply thanks


Nadeem QureshiOnline (Expert)
03 April 2012

Dear querist
wait and watch some tax advocate will give you best advice

C. P. CHUGH (Expert)
03 April 2012

An individual or HUF who is owner of not more than 10 Heavy vehicles at any time during the year are permitted to opt for presumption taxation of their income u/s 44AE of the Act. There income is calculated at the rate of Rs. 5000.00 per vehicle per month and all expenses from section 29 to 37 are deemed to have been allowed. Such individuals are required to file their return of income in ITR-4S.

Raj Kumar MakkadOnline (Expert)
04 April 2012

Well done by Chugh ji. He has provided information which was unknown to me. Thanks a lot.



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