Itr 3

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2017 In "No Accounts" case should depreciation be included in "Expenses" -entry 53 c, or not? The depreciation schedules are being filled properly. The assessee is opting for 44AD and shows 8% profit under item 35i in schedule BP

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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19 June 2017 You can include depreciation in expenses

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2017 Can include or should include? Also fill in Depreciation schedules if included in expenses?
If expenses shown do not include depreciation and depreciation schedules are filled, and 8% profit shown under sec 44AD profit in entry 35i of BP schedule, will it result in any wrong calculation or fault/ defect in ITR?

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CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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19 June 2017 No need to fill depreciation schedule in ITR as depreciation is deemed to have been allowed under section 44AD. Also in P&L section of ITR you need not give depreciation figure as only gross receipts, gross profit, expenses and net profit is required to be filled up.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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19 June 2017 No need to fill dep schedule. If same is filled you may received notice u/s 139(9)