Depreciation whether mandatory???
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2012
One of my client is Pvt Ltd Co., Till FY 2010-2011 their previous auditors were neither claiming depreciation under books or as per Income Tax Act.
In Statutory Audit Report, the highlighted the notes saying that "Due to lossess in previous years, Depreciation have not been claimed"
What is personally believe is that as per Companies Act, even if we are not claiming depreciation, we can show the same under the Notes to Accounts.
But as per Income Tax Act, whether depreciation claim is mandatory or not??
Would be glad if anyone explains in details whether Depreciation claim is mandatory or optional under INcome Tax Act and Companies Act??
Thank you
In Statutory Audit Report, the highlighted the notes saying that "Due to lossess in previous years, Depreciation have not been claimed"
What is personally believe is that as per Companies Act, even if we are not claiming depreciation, we can show the same under the Notes to Accounts.
But as per Income Tax Act, whether depreciation claim is mandatory or not??
Would be glad if anyone explains in details whether Depreciation claim is mandatory or optional under INcome Tax Act and Companies Act??
Thank you
13 July 2012
as per income tax act dep. claiming is mandatory whether loss or profit earn by company
13 July 2012
As a corollary to explanation 5 to section 32(1),depreciation is mandatory for the
purpose of computation of total income as per the Income tax Act,1961.
purpose of computation of total income as per the Income tax Act,1961.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
