Depreciation on commission income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 December 2015
ONE OF MY CLIENT RECEIVED ONLY COMMISSION INCOME. NOW AS HE GOING TO BUY A MOTOR CAR. CAN HE AVAIL THE BENEFIT OF DEPRECIATION ON MOTOR CAR AND HOW MUCH %.
SUPPOSE HE IS ELIGIBLE FOR DEPRECIATION ON MOTOR CAR FOR THIS YEAR, IT IS WELL & GOOD.
BUT, IF HE IS NOT ABLE TO GET THE COMMISSION INCOME NEXT YEAR, THEN CAN HE CLAIM THE DEPRECIATION ON NEXT YEAR.
SUPPOSE HE IS ELIGIBLE FOR DEPRECIATION ON MOTOR CAR FOR THIS YEAR, IT IS WELL & GOOD.
BUT, IF HE IS NOT ABLE TO GET THE COMMISSION INCOME NEXT YEAR, THEN CAN HE CLAIM THE DEPRECIATION ON NEXT YEAR.
05 December 2015
YES HE can Claim Depriciation @15@ P.a. on WDV Basisi as per Income Tax Act 1961
06 December 2015
Yes he can claim depreciation @ 15% p.a. as per Income Tax Act, 1961. Once asset has been put to use then you can claim depreciation every year even if there is no income. In that case Unabsorbed depreciation will be carry forward and can be set off in the future years.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2015
THANK YOU VERY MUCH MR AJAY SINGH & MR JAINAM SHAH.
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
