Charging of deprecition
This query is : Resolved
08 September 2014
Dear sir,
I want to know can a proprietorship firm charge depreciation on their assets below income tax rate .because in income tax sec 32 show depreciation charging is mandatory.
I want to know can a proprietorship firm charge depreciation on their assets below income tax rate .because in income tax sec 32 show depreciation charging is mandatory.
09 September 2014
charging of depre in IT return is mandatory as per IT Act, you can't move from it. However you can charge depre at separate rate in books of account. But in IT return you have to follow ACT.
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