Priyanka (Accounts Manager) (60 Points)
10 August 2017Hi,
I wanted to know whether a partnership firm can charge depreciation on computers used for the purpose of business. Is it allowable expenditure for Income Tax purposes.
The entity is a service provider, where the bulk of the work is done using computers. All the employees use laptops. So, my question is whether the firm can charge depreciation on computers/laptops used.
Thanx
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 10 August 2017
SUCH AS DEPRECIATION
CA Deepak jain
(Tax Consultant)
(84 Points)
Replied 10 August 2017
Partenship firm is a independent entity as per income tax act. "Person" word of IT act includes partnership firm specifically so no doubt firm can take depreciation on computer if it use for business purpose.
RAJA P M
("Do the Right Thing...!!!")
(127355 Points)
Replied 10 August 2017
| Originally posted by : Priyanka | ||
 |
Hi, I wanted to know whether a partnership firm can charge depreciation on computers used for the purpose of business. Is it allowable expenditure for Income Tax purposes. The entity is a service provider, where the bulk of the work is done using computers. All the employees use laptops. So, my question is whether the firm can charge depreciation on computers/laptops used. Thanx |
 |
YES...... WHY NOT....?
CAclubindia
