09 April 2012
my friend filed itr4 pertaining to assessment year 10-11.
"Adjusted profit or loss (6+9) 10 234348 Depreciation debited to profit and loss account included in 9 11 28389 Depreciation allowable under Income-tax Act i Depreciation allowable under section 32(1)(ii) (column 6 of Schedule-DEP) 12i 0 ii Depreciation allowable under section 32(1)(i) (Make your own computation refer Appendix IA of IncomeTax Rules) 12ii 28389 iii Total (12i + 12ii) 12iii 28389 Profit or loss after adjustment for depreciation (10 +11 - 12iii) 13 234348"
he did not fill the depreciation schedule and just entered the depreciation amount in wrong column.
later on 143(1) was issued and depreciation amount was added to the total income and therefore demand was raised for rs.3500/-.
CAclubindia
