Filing of itr-4 - depreciation schedule
This query is : Open
01 October 2014
Dear Sir,
The Sole Proprietory business of Husband was transferred to Wife on 1st January 2014. That means, the entire business was run by the Husband for 9 Months and the Wife for 3 Months, Both Husband and Wife prepared respective P&L Accounts for the FY 2013-14 showing proportionate Depreciation on Assests transferred, i.e., 75:25 .
Is there any scope of showing Depreciation in the above ratios ( 75:25) in ITR -4 ?
In sheet 'DPM DOA' in the ITR-4, the options available are " Additions for more than 180 days/ less than 180 days.
Although, the Husband operated the business for Nine(9) months, is he entitled to get 50% and the balance for his wife.
I shall be highly obliged, if some light is thrown on the above issue.
The Sole Proprietory business of Husband was transferred to Wife on 1st January 2014. That means, the entire business was run by the Husband for 9 Months and the Wife for 3 Months, Both Husband and Wife prepared respective P&L Accounts for the FY 2013-14 showing proportionate Depreciation on Assests transferred, i.e., 75:25 .
Is there any scope of showing Depreciation in the above ratios ( 75:25) in ITR -4 ?
In sheet 'DPM DOA' in the ITR-4, the options available are " Additions for more than 180 days/ less than 180 days.
Although, the Husband operated the business for Nine(9) months, is he entitled to get 50% and the balance for his wife.
I shall be highly obliged, if some light is thrown on the above issue.
01 October 2014
You are right in claiming depreciation proportionate i.e., 75:25 correctly.
No such benefits like 50:50 available.
on number of days shall be considered for the proportionate the depreciation.
No such benefits like 50:50 available.
on number of days shall be considered for the proportionate the depreciation.
03 October 2014
Thank you, Sir. Is there any scope to incorporate the proportionate Depreciation in ITR-4 ?
I am stuck here.
I am stuck here.
04 October 2014
Note for reference:
In case of amalgamation / succession / conversion, how to enter depreciation on assets which needs to be allocated based on number of days as per fifth proviso to section 32(1)?
You have to manually compute the apportioned depreciation and enter the allowable depreciation under ‘Depreciation amount input option’ heading in ‘Depreciation as per IT Act’ sub-table.
You have to follow accordingly to incorporate depreciation .
In case of amalgamation / succession / conversion, how to enter depreciation on assets which needs to be allocated based on number of days as per fifth proviso to section 32(1)?
You have to manually compute the apportioned depreciation and enter the allowable depreciation under ‘Depreciation amount input option’ heading in ‘Depreciation as per IT Act’ sub-table.
You have to follow accordingly to incorporate depreciation .
06 October 2014
Thanks a lot. Thank you, Sir.
06 October 2014
I understand that I have to fill up item no: 12(ii) in Schedule "BP".
In that case,in Depreciation Schedule( DPM DOA) it may not be possible to input data. Accordingly, IT Department will not capture data on closing WDV. Am I to incorporate the " own calculated WDV" in next year? In the year of transfer ( it is FY 2013-14). no figure would come from "Depreciation Schedule- DPM DOA".
In that case,in Depreciation Schedule( DPM DOA) it may not be possible to input data. Accordingly, IT Department will not capture data on closing WDV. Am I to incorporate the " own calculated WDV" in next year? In the year of transfer ( it is FY 2013-14). no figure would come from "Depreciation Schedule- DPM DOA".
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