Can individual Claim Depreciation in his books??

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

individual can deduct TDS if his total sale or revenue exceeds 40 lacs, or he is liable for TAX Audit u/s 44AB

agreed.....................

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) 

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

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

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.

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

yes individual can claim depreciation on assets if used for business

further, he will be liable to deduct tds if his sale exceeds the limit specified for tax audit(in the preceeding previous year)

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

yup....an individual can claim depreciation if he use his fixed asset in his business...not for the household assets...

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.

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