In schedule BP i.e Computation of insome from business or profession point no. 11 and 12
depreciation to be filled there is same that we debit to profit and loss a/c
if it is ryt to take there then explain with reason why???
Nehas (Al) (425 Points)
25 September 2009In schedule BP i.e Computation of insome from business or profession point no. 11 and 12
depreciation to be filled there is same that we debit to profit and loss a/c
if it is ryt to take there then explain with reason why???
BHAGYESH RAVANGE
(C.A Job)
(1528 Points)
Replied 25 September 2009
In computation of Income first we have to add back the depreciation provided in the books and deduct the depreciation as per income tax
Neha Holani
(Job)
(29 Points)
Replied 27 September 2009
Hi Neha,
See in computation of Income from business or profession, depreciation as per IT rate is allowable.
Generally all claims depreciation as per IT act in books except Companies. Companies required to claim depreciation as per Schedule XIV rate of companies act 1956 so company require to add back depreciation as per books and required claim depreciation as per IT Rate.
Hope Its Clear.
Dharmesh k. Dubey
(Student)
(188 Points)
Replied 27 September 2009
hi neha ,
while computing the net profit in Sch BP of ITR , in Pt. 11 u hav to first disallow the depreciation that has been debited to P & l , and then in pt. 12 u hav to tak the Depreciation as per it act , and that that wil giv ur np. if the depre debited in p& l is the same as per it act , then also u first need to disallow the same in pt . 11 & then allow the same in pt . 12.
Dintakurthi Tirumala
(CA FINAL)
(15994 Points)
Replied 06 October 2009
i agree with all of the above
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