Claim of Depreciation under Income-tax Act, 1961.
This query is : Resolved
08 September 2020
The Assessee had filed its ITR-7 . The Assessee has not claimed any depreciation on Fixed Assets from its incorporation and carried its Fixed assets at Cost. From A.Y.2020-2021 onwards, assessee wants to claim depreciation. Can Depreciation be claimed on Fixed Assets at Cost w.e.f A.Y.2020-2021 onwards or not??
09 September 2020
Yes, the assessee can claim depreciation. But keep in mind if the assessee is taking the benefit of section 11 then either cost of fixed assets or depreciation can be claimed as application of income. If the assessee has already in the practise of claiming cost of fixed assets as the application of income, in that situation you can show you fixed assets on WDV in the financial statement but that depreciation can not be used against income as application.
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