27 April 2014
If d Business is of purchase & sell of shares & Mutual funds..
Fixed assets are in the form oc ACs..
can Depre.b claimed under Income tax act,1961 ?
Bcoz dere is no direct use of Assets in generating revenue.
Moreover the resultant revenue is also Exempt u/s 10(34) & 10(2A) ...
27 April 2014
Section 14A prohibits the claim of any expenses which are incurred for earning any income which is exempt from Tax. Depreciation included!!. IN any case why would you want to claim depreciation when no income is taxable??
CAclubindia
