eFile Income Tax for Logistics Businesses Partners

eFile Income Tax for Logistics Businesses Partners

Run your logistics, not your own thoughts about compliance requirements.
Here is a brief note on how can you save taxes and how do you file your Income tax returns

1.Logistics business cam be run/floated the nature of Proprietorship, Partnership firm, Private Limited Company, Public Limited Company.
2. Logistics can be of may modes viz, road, marine, transshipping, air.
3.Expenditure relating to Logistics business in general.

i)Direct expenditure such as

a)If the transport vehicles which if are taken on lease then the lease rentals will form part of the major expenditure.
b)The salaries paid to the drivers if employed on a employee basis.
c)Contract fee paid to the contractor wherein such contractor is a person who supplies the drivers relating to the transport vehicles.
d)Maintenance expenditure relating to the general servicing and other maintenance of the vehicles would form a lower substantial amount of expenditure.

2.TDS Provisions

TDS in case of goods transport agency
No TDS is to be deducted from the payments made to the GTA, where there is a declaration being received from the contractors/rental providers that they do not own more that 10 transport vehicles at any time during any part of the year. transporters @ 1% and 2% for individuals and partnership respectively.

3.Presumptive Income

a)Section 44AE of the Income tax act 1961 deals with the presumptive income for business in the nature plying, hiring or leasing goods carriages.
b)A Taxpayer who does not own more than 10 goods carriage and is engaged in the business of plying, hiring or leasing goods carriages, his imcome shall be deemed to Rs 7,500 per goods carriage per month.
d)No other expenditure shall be allowed to the assesses's who opt for the presumptive business scheme under section 30 to 37 of the income tax act 1961.
e)For the assesses who have taken the transport vehicles on lease or hire this provision shall not be applicable.
d)There is no need to maintain books of account for assess opting presumptive income, unless the income is determined in the income tax return is less than the income which is ought to be shown under the section 44AE of the income tax act 1961.