Deductions for profit from business

mad_tax_boy (Others) (28 Points)

19 January 2015  

Hi,

I would like to know if the below scenario is eligible for deductions under business income-

Scenario : 

I would purchase a computer, UPS, other accessories and broadband(pre-paid, 1 year plan) during Feb-March 2015 for a certain business that I would be starting. 

Would it be possible for me claim deductions for the purchase of these assests in the financial year 2015-2016, if the tax is filed under the head of business income (Assuming, I have not claimed this in FY 2014-1015) ? 

Will I be able to claim the full amount paid for these assess as deductions or a part of it? 

Thanks for the help.