Whether individual can claim depreciation??

This query is : Resolved

Guest

Guest (Querist)

02 June 2010 1. Can any one tell me whether individual claim Depreciation on Fixed Assets in his books of Accounts??

2. Can individual Deduct Tds while making Payment to other individual?

CA Ravi Kumar Murugesh

CA Ravi Kumar Murugesh (Expert)
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02 June 2010 Depreciation is not for individual, it is for business.
Individual also should deduct TDS, if his business is under tax audit purview.

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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02 June 2010 If the fixed assets is used for business purposes, he can claim depreciation

If he is covered under tax audit in the last financial year, then he has to deduct TDS immediately from the next financial year.

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