21 July 2013
In last financial year I have earnings as follows apr2012 to 10 sept 2012 -consultant income abt 3.5 lacs
10 sept 2012 to 31 march 2013- salaried employee income abt 6.5 lacs
apr 2012 to 31 march 2013 - another business income abt Rs. 65,000.00
Can anyone advise how to go abt bifurcating total petrol expense and car depreciation as car was being used for business as well as salaried job.Thanking in advance
21 July 2013
If you were in business then you should have kept your books of accounts and you should have debited petrol expenses in the same. Only the actual expense should be treated as deduction from the gross receipts.
CAclubindia
