Continue doing that if you want to have a more realistic picture of your financial position. But you shouldn't claim depreciation in your expense calculation (ie no reducing your tax).
| Originally posted by : Aniket Kumar | ||
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What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed? |  |
No. Presumptive effectively follows the same logic. You depreciate the asset, but you cannot add the expense to claim further reduction in tax.
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