Depreciation as per Income tax Act
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19 November 2020
Hi All,
Car is registered in the name of the director of the Pvt.Ltd. Company. But Car is used exclusively for business purpose and shown in books of accounts of the company. can depreciation be charged under Income Tax Act under the name of the company?
Car is registered in the name of the director of the Pvt.Ltd. Company. But Car is used exclusively for business purpose and shown in books of accounts of the company. can depreciation be charged under Income Tax Act under the name of the company?
19 November 2020
No, for charging depreciation the car should be in the name of the company.
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20 November 2020
Car is financed from business. Is it still disallowable?
20 November 2020
Yes, disallowable. Pay conveyance expenses to director for using own car.
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