Depreciation
This query is : Resolved
22 September 2008
There is a partnership firm which is under audit. On providing Depreciation in books there is loss due to deprciation. Can depreciation in BOOKS be claimed only to the extent of book profit in books
22 September 2008
No, full depreciation can be claimed .
22 September 2008
Depreciation is mandatory as per IT act,1961.
23 September 2008
No need for providing for depreciation in the books at all. You can claim it in the IT Adjusted Statement. You can even charge to the extent of profits in the books and claim the balance in the adjusted statement.
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