Allowable expense
Sulabha (Accounts Assistant) (67 Points)
05 August 2016
Mobile Purchased by sole Proprietor can be claimed as a expense
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 05 August 2016
it has to be capitalised and depreciated accordingly.
Jayesh Vyankatrao Pawar
(Accounting & Taxation)
(51 Points)
Replied 05 August 2016
HI,
Depreciation rate on mobile as per below
DEPRECIATION RATE AS PER IT ACT 15%
DEPRECIATION RATE AS PER COMPANY ACT 4.75%
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