Narendra Singh, engaged in Retail Cloth business purchased furniture for Shop on 10.04.2020 for ₹7,500 in cash and again on 15.04.2020 for ₹30,000 and ₹50,000 by a bearer cheque and account payee cheque, respectively. Th
CS Executive · Tax Laws · PYQS · December 2021
Narendra Singh, engaged in Retail Cloth business purchased furniture for Shop on 10.04.2020 for ₹7,500 in cash and again on 15.04.2020 for ₹30,000 and ₹50,000 by a bearer cheque and account payee cheque, respectively. The furniture was fitted in the shop by 20.4.2020. Depreciation allowable for A.Y. 2021-22 would be:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act, 1961
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