Adjustment of difference between depreciation
This query is : Resolved
Anil kumar
(Querist)
30 August 2016
Dear Sir/Madam,
There is a difference in value of Asset as per Tax Department and as per our Books so there arises a difference in depreciation debited in books and depreciation as per IT, how to adjust the same..
There is a difference in value of Asset as per Tax Department and as per our Books so there arises a difference in depreciation debited in books and depreciation as per IT, how to adjust the same..
CA SAGAR M. AHUJA
(Expert)
31 August 2016
Depreciation calculated in books of account and depreciation calculated as per I.T Act 1961 has different purpose there is no need to adjust the difference in books of account because the depreciation you are computing for I.T purpose is use only for your return filing purpose and to decide your tax liability.
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