U/S 44AD income tax
jay jay (80 Points)
31 May 2019
In presumtive basis income u/s 44AD when we show higher profit more than 8% then we claim depreciation or not ?
4 Replies
CA. Umesh kumar
(ca.umesh11@gmail.com)
(1465 Points)
Replied 31 May 2019
You can not claim depreciation if you declare income under section 44AD. if you declare income under section 44AD then deduction under section 28 to 43C is deemed to be given. Depreciation is allowed under section 32. therefore it will be deemed that depreciation has been allowed to you
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 31 May 2019
You can provide depreciation on Your asset as per books and it's value.
but, It's not affect in profit percentage...
So, As per Your query you can provide invoice Your books of accounts.
but, It's not affect in profit percentage...
So, As per Your query you can provide invoice Your books of accounts.
CA Altamush Zafar
(GST Consultant)
(15983 Points)
Replied 31 May 2019
Depreciation not allowed separately. 44ad deals with presumptive profit and it already includes depreciation
Ankit kumar
(245 Points)
Replied 08 June 2019
if u want to show depreciation then file itr 3 and maintain ur books of accounts
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