need suggestion
i have a car which is purchase in name of business this year on sep 2017.
car is used both for business as well as personal.
how did i claim depreciation & other exp. on car in business??
as this year profit is lower in my business how did i claim for maintain profit??
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depreciation & other exp on car
Replies (3)
if that is recorded in the books of business then depriciation must be provided , how ever for expenses if are are segregating of personal nature then that should not be included . and also payment should not be made from business fund for expenses.
while computing total income, you yourself make ad-hoc disallowance on other expenses on car.
If You are used the Car in Your business and also using Your Personal. In this way You ll Claim 80% of depreciate value for the expenditure and 20% will disallowed for your personal usage...
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