1. Can any one tell me whether individual claim Depreciation on Fixed Assets in his books of Accounts??
2. Can individual Deduct Tds while making Payment to other individual?
1. Can any one tell me whether individual claim Depreciation on Fixed Assets in his books of Accounts??
2. Can individual Deduct Tds while making Payment to other individual?
CA Manoj Tilokani
(JOB)
(163 Points)
Replied 02 June 2010
YES IF ANY INDIVIDUAL USES ASSETS FOR BUSSINES THEN THEY ARE ALLOWED FOR DEPRECITION U/S 32.
FOR TDS YOU ARE NOT CLEARING WHAT PAYMENT
CA Kanwaljeet
(Chartered Accountant)
(88 Points)
Replied 02 June 2010
individual can deduct TDS if his total sale or revenue exceeds 40 lacs, or he is liable for TAX Audit u/s 44AB
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 02 June 2010
you can not charge depreciation on your household fixed assets.
however is u r running a business then depreciation can be claimed (moreover if ur running a business it is mandatory to claim depreciation as per explanation 5 to section 32)
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 02 June 2010
Dear Deepak,
Answers to both the question is yes. however in case of individual w/o business than he cannot claim dep.
Regards
Kanti Jain
CA,CS, ICWA Inter MANOJ KEDIA
(Working With Educomp)
(99 Points)
Replied 03 June 2010
Yes
If this assets is being used in his business
tds also can be deducted if in p.y he was liabile to tax audit
CA Usha Rani Challa
(CA)
(139 Points)
Replied 03 June 2010
U can claim depreciation on books which u will buy periodically. For eg. CA's in practice purchase books periodically or only once like Accounting Standards, Law books etc. We can claim dep. on these books. They are allowable.
Nitesh Bhandari
(Ca Finalist Articled Trainee)
(93 Points)
Replied 03 June 2010
An individual will be liable to deduct tds only if in the previous year preceeding the financial year he was liable to tax audit
Ex:
FY 07-08 sale = 35 L
FY 08-09 sale = 50 L
No need to deduct in 08-09 but 09-10 TDS will have to be deducted normally from the the payment from which tax is deductible under chapter XVII B
CA Rahul Verma
(CA)
(546 Points)
Replied 17 June 2010
Yes
If this assets is being used in his business
tds also can be deducted if in p.y he was liabile to tax audit
Sunshine
(Helping All)
(10575 Points)
Replied 17 June 2010
yup....an individual can claim depreciation if he use his fixed asset in his business...not for the household assets...
Revathi
(Manager)
(40 Points)
Replied 01 October 2010
1.Yes. Individual doing any business can claim depreciation.
2.As for as TDS is concerned, If Individual's books of account are audited under U/s 44AB of Income tax Act 1961. TDS ought to be deducted. Otherwise it is disallowed in IT computaion.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 01 October 2010
Hi All,
Individual can claim depreciation under incometax act if the concerned asset on which depreciation wants to claimed is being used for the business and such asset used in the relevant previous year for business.
Secondly, individual liable to deduct the TDS only when in the preceeding previous year he is liable to get accounts audited us 44AB (i.e. tax audit). Thus, of the preceeding previous year, assessee not liable to get accounts audited u/s 44AB, he would not need to deduct the TDS on various payments covered by Sec 192 to 194. Only the payments covered by sec 192 to 194 would be eligible for TDS deduction.
Hope this solves u;r query.
Regards,
Manoj
shilpi singh
(ca)
(21 Points)
Replied 26 November 2010
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