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This query is : Resolved

Manoj Prasad (Querist)
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22 September 2013 SIR I AM AN EMPLOYEE, IN MY 1ST YEAR BALANCE SHEET I HAVE SHOWN, MOTOR BIKE, TV, FURNITURE & FIXTURE, COMPUTER AS FIXED ASSETS..

NOW I WANT TO KNOW, IS IT NECESSARY TO CLAIM
DEPRECIATION ON THE ABOVE ASSETS, IF YES..WILL IT BE DEDUCTED/DEBITED FROM MY INCOME.

IS THERE ANY PROBLEM IF I DO NOT CLAIM DEPRECIATION ....REGARDS

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 September 2013 Depreciation is eligible for assets used in the business u/s.32

incase you are salaried employee and having only salaried income, no depreciation is allowed

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 September 2013 Not only that cannot claim depreciation, there is no need for you to prepare balancesheet and P&L account for tax purposes.

File your tax return on the basis of Form 16, any other income received - interest etc.

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