Ankita garg
(Student CA Final )
(47 Points)
Replied 13 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 13 March 2022
JJJ
(Need help)
(673 Points)
Replied 14 March 2022
Continue doing that if you want to have a more realistic picture of your financial position. But you shouldn't claim depreciation in your expense calculation (ie no reducing your tax).
Aniket Kumar
(99 Points)
Replied 14 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 14 March 2022
JJJ
(Need help)
(673 Points)
Replied 14 March 2022
Originally posted by : Aniket Kumar | ||
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What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed? | ![]() |
No. Presumptive effectively follows the same logic. You depreciate the asset, but you cannot add the expense to claim further reduction in tax.
Aniket Kumar
(99 Points)
Replied 14 March 2022
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