20 December 2011
I am a sole propritor there is one car I have, which is use for both use for buiness as well as house work. how dep will be charge on it according to what provision of income tax. and pls give me some reference case law in this regard thank. pls reply as soon as possible
21 December 2011
DEPRECIATION IS ALLOWABLE ONLY IF ASSET IS USED FOR BUSINESS. IN CASE OF COMPOSITE USE U MAY SELF DISALLOW A PART OF DEPRECIATUION SAY 20 PERCENT OR SO AS PER USE FOR PERSONAL PURPOSES
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