depreciation allowability
This query is : Resolved
joshy k.g.
(Querist)
15 October 2008
I am a practicing CA taking allowable remuneration from my firm as per section 40(b)shall i deduct deprecition on motor car used by me for professional purposes
CA Pawan Goswami
(Expert)
15 October 2008
If the car is shown in books of firm, then depreciation as per Income Tax Act on the car is allowed for computation of Book Profit for calculating remuneration u/s 40(b).
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