I have 2 cars and 1 two wheeler used for business. Can all these assets be considered under depreciation ?
1 Replies
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 30 December 2015
Well , the asset which are exclusively used for Business purpose depriciation is allowed fully @ provided in income tax .
in case asset are not exclusively used for business purpose then fair part of depriciation is disallowed .
this fair part/ proportion varies upon the use of asset . normally speaking 30% is disallowed.
YES all the above asset are eligible for depreciation but there allowance is dependent upon the use.
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
