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Demand solution needed
dear sir/madam our vakil has filed return with 20% depreciation on car for last three years now the IT department has issued demand and disallowed all the
depreciation for the last 3 year's return .....so now what I need to do to solve this problem ..thank you
Replies (4)
Depriciation on Car is available @ 15% as per IT Act; so he'll allow only 15% & the balance 5% he'll disallow.
But in the notice all the depreciation is disallowed......now how can I rectify that ....and how can I calculate current years depreciation?
if car was used for personal use then AO did right thing by disallowing such dep., but if such car was used for business purpose then dep. @ 15% should have been allowed and only 5% should be disallowed.... you can discuss with your AO that 15% dep. should be allowed as it is according to law. if AO disagrees to do so then you can file an appeal to higher authority.
Okey ....thanks again sir
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