I have filed NIL ITR4 return of my clint for F.Y 201314, 2014-15, 2015-16, and i have not claim depreciation on Furniture of 10000/- Vehicle of Rs 45500 and Jewelry of rs 125000..
what is consequence in above Case?? any chances to receive notice form AO??
30 July 2016
You may not receive any notice from IT Department, if you disclose at least those assets but not claimed depreciation. You can claim depreciation for FY 2015-16 on WDV as on 01-04-2015 after adjusting the depreciation for FY2013-14 and FY2014-15 as if the same was claimed and allowed.
You may also revise your return for FY2014-15 or if assessment is completed, then request for rectification u/s 154.