Depreciation
This query is : Resolved
22 December 2012
my neighbour has filed income tax return and paid tax of rs 1 lac he is having company and filed return as a proprietor. the consultant had taken depreciation of only 1 tavera and not taken depreciation on zen car which comes nearly 20000.the consultant says tat u can take depreciation on only one car and not 2 but my neighbour is using the both the car for business purposes.i think so consultant is wrong wat u think should i file the revised return..plz reply at earliest.....
22 December 2012
I guess there is no proprietor concept in case of company.
23 December 2012
my query is for depreciation which is not solved............
23 December 2012
The formation of your query is not correct. Because there is no propreitorship concept in case of company. Rather there are directors who file their own return while the company files its own return.
But anyways.... upto my understanding of your query, The company can claim depreciation on any number of cars that is used for its business purpose. The depreciation will be allowed to the company only and not to director.
BUT I WONDER HOW YOU FILED THE RETURN AS PROPRIETOR OF THE COMPANY. PLEASE SPECIFY THE ITR FORM NUMBER THAT YOU USED.
But anyways.... upto my understanding of your query, The company can claim depreciation on any number of cars that is used for its business purpose. The depreciation will be allowed to the company only and not to director.
BUT I WONDER HOW YOU FILED THE RETURN AS PROPRIETOR OF THE COMPANY. PLEASE SPECIFY THE ITR FORM NUMBER THAT YOU USED.
24 December 2012
Agreed with Pankaj.
There is no concept of Proprietorship concept in case of a company
There is no concept of Proprietorship concept in case of a company
25 December 2012
itr 4 was filed in which depreciation for only 1 car was taken
25 December 2012
I think that your neighbor dont own a company but rather a proprietorship firm. And the name of the firm ends with such words like "company" or "corporation" etc because of which the confusion arose.
25 December 2012
Anyways...... If your neighbor uses both the cars for business purpose then he is eligible to claim depreciation on both the cars. The consultant is wrong at not claiming the depreciation. Therefore you can file a revised return and can claim the remaining depreciation also. But before doing so ask the consultant for not claiming that depreciation. This might be the case where he intentionally did not claim the depreciation due to the technical aspects of the case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
