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Whether additional dep. is provided to prop. firm also?

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2014 Dear Expert,

In case of Prop. firm doing manufacturing businessfalling under tax audit.
they Installed New machines for productions.
whether additional dep. is applicable to them?

Actually they dont want to show the additional dep. amt in thier profit& loss A/c bcoz there is already a Net loss..dont want to increase the loss.

Can he prepare separate annex. for 3cd showing additional and Depreciation schedule as per books of accounts without additional dep.??

is this possible?

Pls. reply.

Thanks in advance
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
14 August 2014 Depreciation should be provided as per the IT ACT only.
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Rupesh Jain

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Rupesh Jain (Expert)
14 August 2014 as per income tax ace it is compulsory to charge the depreciation on fixed assets.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 August 2014 no. the additional depreciation as promugalated under section 32AC is available only to companies.

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