Hai Friends,
Could u pls comment on the following issue:-
Car in the name of partner used both official and personal purpose. pls inform, the appropriate income tax tratment of Depreciation and Interest on loan in the hands of Firm. my doubt is whether need to keep logbook or else its possible to treat a certain % as personal and disallow it in return. what about fringe benefit tax for the AY 2011-12.
| Originally posted by : CA.Gopakumar A.G. | ||
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Hai Friends, Could u pls comment on the following issue:- Car in the name of partner used both official and personal purpose. pls inform, the appropriate income tax tratment of Depreciation and Interest on loan in the hands of Firm. my doubt is whether need to keep logbook or else its possible to treat a certain % as personal and disallow it in return. what about fringe benefit tax for the AY 2011-12. |
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partners are owners of the firm and its deemed that the use is in relation to the business of the firm, so at the accounting stage we do not need to specify the personal use separately, however if the assessment is done u/s 143(3) 25% of such expenses are added in net profit by AO,
no FBT for 2011-12
RMA And Associates LLP
New Delhi
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
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N N V Satish & Co.,
Hyderabad
CA Inter
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CCI
Pro
CAclubindia
