About depreciation

This query is : Resolved

venkatesh (Querist)
Follow

25 August 2016 Hi sir, I have a doubt about depreciation.I have classified assets under wrong class and claimed depreciation for 6 years. Now I realised that it was under wrong category now I want to rectify it..what is the process..what to file with assessing officer

CA A RAMVEL

CA A RAMVEL (Expert)
Follow

25 August 2016 Hi,

You need to work the revised depreciation from the first year and compute the revised depreciation. You can claim the revised depreciation in the CY in which you are claiming the depreciation.

venkatesh

venkatesh (Querist)
Follow

25 August 2016 Sir what we have to file with assessing officer and any penalty is there

venkatesh

venkatesh (Querist)
Follow

25 August 2016 And please quoate any caselaw if any

CA A RAMVEL

CA A RAMVEL (Expert)
Follow

25 August 2016 There is no penalty for this. However, if the depreciation claimed in the previous years is higher, then the officer will levy tax, interest & penalty for showing lesser profits.

venkatesh

venkatesh (Querist)
Follow

25 August 2016 thank you sir...any section or any case law is there so that i can refer about this

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now