Depreciation Claim - calrification
This query is : Resolved
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.
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.
27 December 2008
Depreciation can be claimed even in the absence of books of accounts.
CA Tilak Raj Sharma
(Expert)
27 December 2008
yes, he can claim depreciation.
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