12 July 2021
Sir, Sec 44ada it returns filed person purchase of fixed assets value in cash mode f.y.19-20 .but assess depreciation not claimed in f.y.19-20. Query: Assess current f.y.20-21 above mentioned cash mode purchase fixed assets value depreciation claimed allowed in it act.
12 July 2021
44ADA assessees cannot separately claim deduction on account of depreciation. Further, assessees cannot claim depreciation on cash purchase >=10k per day.
12 July 2021
If you opt for Sec 44ADA, then no need to claim depreciation separately . Same is considered as already deducted while calculate 50% of turnover.
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