21 May 2014
DEAR SIR If one person have pvt. Ltd co.and he buy one car for business purpose but that person pay 2lakh through cash and bal.amt 5 lakh through cheque. i want to know depreciation are applicable on this amt.according to income tax or not.
22 May 2014
Capital Expenditure > 20,000 (in cash) is allowable in Income Tax. Depreciation rate is 15% and 30% (if used in business of running car on hire)
CAclubindia
