as per my query that i used my car in bussiness & personal both so i want to ask that how to depreciated it and how to pass the adjustment entry in books and also know that which percentage is deducted from profit & loss A/c and Computation of Income tax when car is used business & Personally both. Please reply soon
14 July 2013
First of decide the percentage use of car for the business and accordingly calculate depreciation for Income Tax Purpose in the computation of Income. . In accounts; you may charge full depreciation because for disallowance of the depreciation; the computation will take care thereof.
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