Your money: Cash purchase of assets will affect depreciation claims

Businessmen and professionals will have to use the banking channel for payments over Rs 10,000

Arnav Pandya 

The manner in which an individual’s taxable income is calculated depends on how he earns. The salaried class does not have too many opportunities to claim deductions, as their scope is limited to a few allowances and reimbursements. On the other hand, for those who are self-employed or run their own business or profession, there is plenty of scope. In their case, business expenses can be deducted from the gross income to arrive at the taxable income.  Capital and revenue expenses    Expenses incurred for the purpose of business or profession become ...

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Your money: Cash purchase of assets will affect depreciation claims

Businessmen and professionals will have to use the banking channel for payments over Rs 10,000

Businessmen and professionals will have to use the banking channel for payments over Rs 10,000 The manner in which an individual’s taxable income is calculated depends on how he earns. The salaried class does not have too many opportunities to claim deductions, as their scope is limited to a few allowances and reimbursements. On the other hand, for those who are self-employed or run their own business or profession, there is plenty of scope. In their case, business expenses can be deducted from the gross income to arrive at the taxable income.  Capital and revenue expenses    Expenses incurred for the purpose of business or profession become ... image
Business Standard
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