Deductions are exemptions

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3145 Points Posted on 08 November 2021
purchase of furniture and purchase of car in income Tax what to do whether I should have to detect or exempted
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On 08 November 2021 at 14:27 Report
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Quick Summary
When purchasing assets like furniture or a car for income tax purposes, you generally cannot deduct the full purchase price. Instead, you can claim depreciation on these assets as an expense. This means you'll need to claim the depreciation amount rather than the initial cost of the item.

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ca
603 Points Posted on 08 November 2021
They are assets and only depreciation on them is allowed as expense.
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On 08 November 2021 at 15:12
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3145 Points Posted on 08 November 2021
Can I claim this expenses amount of purchase of furniture and purchase of car
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On 08 November 2021 at 15:13
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Chartered Accountant
24588 Points Posted on 08 November 2021
Depreciation should be claimed
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On 08 November 2021 at 16:48
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ca
603 Points Posted on 09 November 2021
You can't claim the purchase amount
1 Reply
On 09 November 2021 at 19:40

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