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Rama (Manager)     22 July 2014

Income under 194c - how to file income tax

I am Sr. citizen and given my car on lease  to private company.

I received 3,00,000/- during last FY 2014-15 under 194c and company deducted 3000 as tax.

While filing income tax, do i need to show 3,00,000 as income under other sources?

Can I claim any expenses?

Which ITR is appropriate.  I dont have any other income from any other sources.

Thanks for your clarification.



Learning

 4 Replies

Dr J C Vashista (Advocate)     23 July 2014

It would be better (in your interest) to engage a Chartered Accountant

Darshan (ASSOCIATE)     23 July 2014

Yes u need to file your return and declare said income under income from other sources, and show income under business or profession nil/ actual. Do declare if you have income not chargeable to tax also. Reasons are many to file, but not filing your return in only one reason that you are St citizen.

Darshan (ASSOCIATE)     23 July 2014

Yes u need to file your return and declare said income under income from other sources, and show income under business or profession nil/ actual. Do declare if you have income not chargeable to tax also. Reasons are many to file, but not filing your return in only one reason that you are St citizen.

T. Kalaiselvan, Advocate (Advocate)     25 July 2014

Since you say that you are new to tax issues, better consult a local auditor and claim refund of the deducted tax amount because if you do not have any other source of income, this may not attract income tax.


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