Fire your tax related queries and i would get it solved!!!
Ha ha
Very good idea to reduce profit. :lol:
BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.
You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.
There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
Very good idea to reduce profit. :lol:
BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.
You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.
There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
Ha ha
Very good idea to reduce profit.
BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.
You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.
There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
Very good idea to reduce profit.
BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.
You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.
There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
Bought new pc 5 monitors for trading purposes, is it idea or business expenses
Buying air conditioner too, that's an expense?
I think my turnover is high so will get audit done anyways
Is it an idea or business need?
Bought new pc 5 monitors for trading purposes, is it idea or business expenses
Buying air conditioner too, that's an expense?
I think my turnover is high so will get audit done anyways
Bought new pc 5 monitors for trading purposes, is it idea or business expenses
Buying air conditioner too, that's an expense?
I think my turnover is high so will get audit done anyways
I dont think, PC, monitors and AC can be termed as furniture.
You said furniture, you didnt specify item name. Furniture is something different. Thats why said. Otherwise every FnO trader will change his household furniture in the name of office furniture, every other year and will get the value deducted from his income
BTW, by now you should know, at least, the difference between different type of expanses. Capital expanses and revenue expanses.
As items bought, are capital expenditure and not revenue expenditure, you will be allowed a specific percentage of value as depreciation on these items.
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