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
SUCH AS DEPRECIATION
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.
| Originally posted by : Priyanka | ||
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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 |
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YES...... WHY NOT....?
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