Depreciation
This query is : Resolved
Saummay Singh
(Querist)
20 September 2010
Can anybody help me on the following :
Suppose I have purchased a Car for Company name, so can I write off the booked asset with in a 3 years period through our own Depreciation rate. if yes then how i can go ahead.
Please advice.
Thanks in advance
Suppose I have purchased a Car for Company name, so can I write off the booked asset with in a 3 years period through our own Depreciation rate. if yes then how i can go ahead.
Please advice.
Thanks in advance
sudhakar ca cwa
(Expert)
20 September 2010
if it is a company then u need to follow comapnies act.
if not take the depreciation as per ur policy.
but for income tax u need to add that to ur book profits and less the dep as per IT ACT
if not take the depreciation as per ur policy.
but for income tax u need to add that to ur book profits and less the dep as per IT ACT
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