Depreciation
This query is : Resolved
22 December 2012
my neighbour has filed income tax return and paid tax of rs 1 lac he is having company and filed return as a proprietor. the consultant had taken depreciation of only 1 tavera and not taken depreciation on zen car which comes nearly 20000.the consultant says tat u can take depreciation on only one car and not 2 but my neighbour is using the both the car for business purposes.i think so consultant is wrong wat u think should i file the revised return..plz reply at earliest.....
22 December 2012
I guess there is no proprietor concept in case of company.
23 December 2012
my query is for depreciation which is not solved............
23 December 2012
The formation of your query is not correct. Because there is no propreitorship concept in case of company. Rather there are directors who file their own return while the company files its own return.
But anyways.... upto my understanding of your query, The company can claim depreciation on any number of cars that is used for its business purpose. The depreciation will be allowed to the company only and not to director.
BUT I WONDER HOW YOU FILED THE RETURN AS PROPRIETOR OF THE COMPANY. PLEASE SPECIFY THE ITR FORM NUMBER THAT YOU USED.
But anyways.... upto my understanding of your query, The company can claim depreciation on any number of cars that is used for its business purpose. The depreciation will be allowed to the company only and not to director.
BUT I WONDER HOW YOU FILED THE RETURN AS PROPRIETOR OF THE COMPANY. PLEASE SPECIFY THE ITR FORM NUMBER THAT YOU USED.
24 December 2012
Agreed with Pankaj.
There is no concept of Proprietorship concept in case of a company
There is no concept of Proprietorship concept in case of a company
25 December 2012
itr 4 was filed in which depreciation for only 1 car was taken
25 December 2012
I think that your neighbor dont own a company but rather a proprietorship firm. And the name of the firm ends with such words like "company" or "corporation" etc because of which the confusion arose.
25 December 2012
Anyways...... If your neighbor uses both the cars for business purpose then he is eligible to claim depreciation on both the cars. The consultant is wrong at not claiming the depreciation. Therefore you can file a revised return and can claim the remaining depreciation also. But before doing so ask the consultant for not claiming that depreciation. This might be the case where he intentionally did not claim the depreciation due to the technical aspects of the case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
