Additional Depreciation claim
This query is : Open
17 September 2010
Consequence of not claiming benefit of Additional depreciation.
17 September 2010
No consequences. But remember if you dont claim additional depreciation in the year of purchase then you can not claim it next year.
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17 September 2010
Thanks Sir,
Suppose a company does not claim the benefit of additional depreciation in the year of addition than for the next year whether depreciation would be calculated on reduced balance with Additional depreciation or without additional depreciation.
Suppose a company does not claim the benefit of additional depreciation in the year of addition than for the next year whether depreciation would be calculated on reduced balance with Additional depreciation or without additional depreciation.
17 September 2010
On reduced balance without additional depreciation. i.e Balance as per IT depreciation sheet.
17 September 2010
Thanks Sir
Sir please advice me with one more thing, suppose an assessee doesn't claim depreciation benefit on the depreciable asset than the consequence of the same.
Sir please advice me with one more thing, suppose an assessee doesn't claim depreciation benefit on the depreciable asset than the consequence of the same.
17 September 2010
As a consequence your depreciation allowance will be less and your profit will be more as a result you will have to pay more tax.
17 September 2010
Sir, suppose there is building in the balance sheet and as per Act building is subject to 10% depreciation and now the value of the building after providing depreciation is Rs.100000 and in actual the realisable value is Rs. 5000000 and accordingly the assessee is subject to STCG, to avoid STCG assessee doesn't want to claim depreciation, now the difference will be STCG or LTCG.
Can LTCG be claimed had there be no depreciation charged on Building atall from the very beginning.
Can LTCG be claimed had there be no depreciation charged on Building atall from the very beginning.
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