02 February 2015
I have a query regarding Depreciation on fixed assets. There is HUF whose business loss without providing for depreciation is Rs.841978.00. So shall i provide for current year depreciation on fixed assets @15% on car? or Shall i Show A loss of Rs.841978. There is also income from other sources of Rs.9592.00. Deprecition to be provided is Rs.843051. Plz reply
02 February 2015
you have to provide the depreciation under the income tax act and you can carry forward the depreciation to unlimited period. for sett off against the future income.