Hi @Aditya, any device having a useful life of more than 1 year is considered as a fixed asset and is to be taken into the balance sheet of your business/profession.
On which you can claim the depreciation at the applicable rate, which will be used to set off against your profit.
There is no limit on the number of assets, however, the assessee should be able to prove their usability in relation to business/profession.
Thank you so much for the information. I searched everywhere but finally, here I got a clear response.
I have another question. Suppose I buy some devices in 2nd quarter, now should I deduct the depreciation amount myself and pay the remaining taxes in Advance tax or should I pay full tax on the profits and then in Assessment Year file for the refund of taxes on these Business Expenses?
Hi @Aditya, the idea with advance tax is you pay your tax liability before the end of the financial year. In case you have excess tax credits you can claim a refund when filing your ITR
When calculating your Advance Tax you subtract all your deductions and expenses. Here’s an article to help you understand better
You can use the Advance Tax Calculator
Thank you so much for the answer.
I bought an Laptop primarily for F&O trading last year. How much depreciation can i claim on it? Also if i choose presumptive taxation, can still show depreciation ?
Hey @satheeshb, you can claim 40% depreciation. You can’t claim depreciation if you choose the presumptive taxation scheme.
If a business has a pending invoice to be paid from FY20-21 which is paid in FY21-22 before the IT deadline does it still count as an expenditure in FY20-21? @TeamQuicko
hi @d.r
Expenses can be claimed on accrual basis if you are using mercantile system for accounting. If there is an invoice of FY 20-21 for which payment is made in FY 21-22 it can still be counted as an expenditure of FY 20-21.
which type of expenses can be claimed for intraday, LTCG, STCG &FnO Trades…
can we claim Brokerage,SEBI Charges,SGST,IGST ,CGST,Stamp Duty,STT…etc…
kindly guide
Hi @Shanmukh, you can claim all the expenses directly connected to the trading income. Make sure the expenses incurred should be wholly and exclusively in relation to business and professional income which in your case is intraday trading.
some expenses are cant claim under intraday like STT…can this be claim for FnO…
Hi @Shanmukh
You can claim STT as an expense in case of equity intraday since it is treated as Speculative Business Income. And yes it can also be claimed against F&O.
However, you cannot claim STT against LTCG and STCG as they are treated as Income from Capital Gains.
Hope this helps 
can i claim internet expenses and mobile expenses in STCG or LTCG…?
Hi @Shanmukh
No, only the expenses related to the transfer of shares will be allowed against STCG or LTCG.
thank you for the reply…Can I claim DP charges, AMC charges(for the year), Brokerage,
Central GST, Clearing Charges, Exchange Transaction Charges, Integrated GST, SEBI Turnover Fees, Stamp Duty, State GST…
sorry for the long post…
Hi @Shanmukh
Yes, you can claim the expenses relating to the transfer of shares except for STT in the case of STCG and LTCG.
Let’s say I am a trader from a small town of Karnataka. I shift to Bengaluru with my family and I rent a 3 BHK flat whose rent is around Rs 45,000 per month. Its my home as well as trading office.
Now my question is:-
Can I claim Rs 45,000*12 = Rs 5,40,000 as my business expenses and reduce my taxable income ?
Hello @Satya,
As per Section 37 of Income Tax Act, 1961 any expenditure (not being a capital expenditure) which is incurred exclusively for business purpose is allowed as a deduction.
However, when the expenses are incurred partly for personal purpose and partly for business purpose, you need to segregate the personal and business component of the same. In your case, the rentals for the flat (which is used for both personal and business purpose) needs to be segregated by taking a reasonable approach (For eg, area used for office and area used for residence).
Also, you can claim the expenses only if you are self employed i.e. if you are not salaried.
Hope it helps!
Let’s say iam only a trader and not salaried at all. And I live alone in this flat and my family lives in the hometown.
Now can I claim deduction of Rs 5,40,000. Means I’ll never be audited whether the house is for both personal and business purpose or completely business purpose if I’ve proof of the rent receipts , right ?