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Adjustment of method change profit/loss in itr

Jyothis (Article) (1127 Points)

17 October 2015

Under what all heads do we adjust the profit/loss on adoption of depreciation as per Companies Act 2013 in ITR.

Method Adopted by me is-

Show it as expense/Income under P&L sheet & show it as expense/Los exempted under computation of business income sheet.

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2 Replies

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 17 October 2015

There is no claim for depreciation as per companies act in itr. Depreciation shld be calculated as per income tax act. Profit and loss shld be show after adding back depreciation under co act.

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Jyothis (Article) (1127 Points)
Replied 18 October 2015

Any ways we have to show Depreciation as per companies Act in Profit & Loss A/c sheet in ITR.

So do we need to show Actual depreciation+Loss inmethod chage/(Gain In method change of depreciation as Depreciation in ITR or do we need to specifically disclose depreciation & profit/loss on method change seperately in ITR.