Depreciation at a lower rate
This query is : Resolved
CA Dron Bharadwaj
(Querist)
25 November 2009
Can we claim depreciation at a lower rate than that specified in the Income Tax Act,1961 ?
say:-
Depreciation as per the Act - Rs. 102000
Claimed in I.T.R. - Rs. 75000
say:-
Depreciation as per the Act - Rs. 102000
Claimed in I.T.R. - Rs. 75000
25 November 2009
no
CA. Rishabh Mittal
(Expert)
25 November 2009
No, it's not possible. Whatever rates presc. in Income tax Act are fixed rates & not the minimum or maximum depreciation rates. Further, deduction of depreciation from Income is available even if assessee has claimed or not such deduction. Therefore, you need to claim total depreciation of rs. 102000.
Manmohan ACA, CS
(Expert)
26 November 2009
No, read explanation 5 to section 32
CA Ravi Sisodia
(Expert)
26 November 2009
no
CA Deepak S
(Expert)
26 November 2009
No., It is not possible. Sec 32 is automatic. even if you did not claim depreciation the AO has to allow it while computing total income from business.
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