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Depreciation Claim - calrification

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(Querist)
27 December 2008 My Client is doing business of Travel Agent. His Gross Receipts during the financial year 07-08 is Rs.5.00 lakhs, Administrtive Expenses Rs.3.25 lakhs and Depreciation on Car Rs.0.75 lakhs and Net Profit Rs.1.00 lakhs. Under these circumtances the books of accounts will not be required to maintain u/s 44AA of the IT Act since the Gross Receipts is less than Rs.10.00 lakhs and Net Income is also less than Rs.1.20 lakhs.

He purchased a car for Rs.5.00 lakhs during the financia; year 07-08.

Can he claim depreciation on Car Rs.75,000/- since the business without books of accounts.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 December 2008 Depreciation can be claimed even in the absence of books of accounts.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
27 December 2008 yes, he can claim depreciation.
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