my client started his business 2 yrs back. He filed IT returns. But he did not claim the Depreciation allowed as per sec 32.
Now I wish to claim depreciation on his assets. How can do that, how can I get the WDV of assets ?Should i take the purchase price or have ti calculate the IT depreciation for the preceding years?
ur client has not claimed any depreciation during last years means he has paid extra tax (because he has not claimed dep. as deduction) so i think that it is no need to ge worry and moreover of its there nowhere mention in income tax a/t abount not deduction of dep. u can claim dep. for current year and put the date of purchase of assets as actual.
14 August 2009
dear Ranjit, thank u for ur reply, my question was waht should be the value of Assets. Whether i can take the original value or WDV should be calculated for the precedign years?
14 August 2009
dear Ranjit, thank u for ur reply, my question was waht should be the value of Assets. Whether i can take the original value or WDV should be calculated for the precedign years?
CAclubindia
