25 August 2016
Hi sir, I have a doubt about depreciation.I have classified assets under wrong class and claimed depreciation for 6 years. Now I realised that it was under wrong category now I want to rectify it..what is the process..what to file with assessing officer
You need to work the revised depreciation from the first year and compute the revised depreciation. You can claim the revised depreciation in the CY in which you are claiming the depreciation.
25 August 2016
There is no penalty for this. However, if the depreciation claimed in the previous years is higher, then the officer will levy tax, interest & penalty for showing lesser profits.
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