Depreciation on motor car
This query is : Resolved
15 October 2008
sir
i am a practicing CA and i am getting remuneration from my firm as allowed under section 40(b)
on preparation my personal in come tax returns shall i deduct deprecition on motor car used for my professional purposes
i am a practicing CA and i am getting remuneration from my firm as allowed under section 40(b)
on preparation my personal in come tax returns shall i deduct deprecition on motor car used for my professional purposes
Guest
Guest
(Expert)
15 October 2008
As per income tax act only that Expenses can be allowed which is used for wholly or partly for business purpose so If u r using car which is used wholly for private purpose can not be allowed in business income.
And if u r filling your personal tax return than it can not also be deducted. because there is no any deduction for car depreciation or rebate
And if u r filling your personal tax return than it can not also be deducted. because there is no any deduction for car depreciation or rebate
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