Depreciation not claimed as expense
This query is : Resolved
01 August 2012
I have not claimed depreciation of Rs. 3 lakhs in FY = 2011-12 to show Profit in a Propreitory business. Is it Ok
01 August 2012
Is tax audit applicable to you ??
01 August 2012
Next Year U Get Dep Claim on Reduced Rate of WDV Under IT Act.
and No Such Issues Even Tax Audit Applicable to u.No Such Reporting Under Sec 32.
Only Bar is Next Year Dep Claim.
and No Such Issues Even Tax Audit Applicable to u.No Such Reporting Under Sec 32.
Only Bar is Next Year Dep Claim.
01 August 2012
if tax audit is not applicable
then the issue of claiming depreciation will not arise it will be considered as deduction taken
since the profit will be calculated by 8 % of turnover
therefore if tax audit is not applicable
nothing required
then the issue of claiming depreciation will not arise it will be considered as deduction taken
since the profit will be calculated by 8 % of turnover
therefore if tax audit is not applicable
nothing required
01 August 2012
8% is for IT Purpose.
he is talking for books profit.
he is talking for books profit.
01 August 2012
its not clear
as to what profit he is asking
as to what profit he is asking
01 August 2012
No tax audit is not applicable. only my query is that in order to show profit if I don't claim Depreciation is it OK.
02 August 2012
yes
but as to which profit
profit in books
or profit for taxation purpose.
but as to which profit
profit in books
or profit for taxation purpose.
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