Depreciation

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SUMIT PRALHADBHAI GOSWAMI (Querist)
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01 June 2013 I m having 'individual' status. while preparing my income tax return I have disclosed my assets after deducting depreciation (on the basis of useful life)

My question is that can I create 'Depreciation reserve fund' in my balance sheet even if I m an individual.

TKKKKKK

TKKKKKK (Expert)
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03 June 2013 no you can't create reserve. and if you create, it is not allowed for deduction to reduce income.

Rupesh Jain

Rupesh Jain (Expert)
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18 June 2013 if are filing income tax return then you calim deprection it is only those rate . mention in income tax u/s 32

if you are create reserve in your books
no deduction or addition in income tax for that