car expenses
This query is : Resolved
seema singla
(Querist)
08 September 2010
A person is carrying on a business in individual capacity. He has a car which he uses for personal as well as business purposes. The whole expenses is charged to business. It cannot be segreegated that how much it is used forpersonal purposes. So, I want to know what is the usual practice ??
What percentage of car expenses be added back to profits?
Is there any add back of depriciation also?
Please reply as we need to file ITR.
Thanx
What percentage of car expenses be added back to profits?
Is there any add back of depriciation also?
Please reply as we need to file ITR.
Thanx
CMA Ramesh Krishnan
(Expert)
08 September 2010
Usage of Offical purpose need to be recorded separatly. that is the better at the time of assessment also,
If you are not maintaining the what ever basis you can allocate but final decision will be by A.O
If you are not maintaining the what ever basis you can allocate but final decision will be by A.O
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