Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Depreciation as per Income tax Act

This query is : Resolved 

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?

No, for charging depreciation the car should be in the name of the company.

Car is financed from business. Is it still disallowable?

Yes, disallowable. Pay conveyance expenses to director for using own car.

Bajaj Finserv

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Trending Tags
X GST Course