Depreciation
This query is : Resolved
SANJAY KUMAR AGARWAL
(Querist)
21 August 2012
Sir,IF A PROPRIETORSHIP FIRM HAS ANNUAL TURNOVER EXCEEDING RS. 60.00 LACS AND ALSO SOME DEPRECIABLE ASSETS. THE FIRM'S PROFIT FOR THE YEAR IS BELOW THE TAXABLE LIMIT BEFORE CHARGING DEPRECIATION . THE FIRM DOES NOT WANT TO CHARGE ANY DEPRECIATION FOR THAT YEAR IN THE BOOKS. CAN SHE DO SO ? IF YES CAN THE FIRM CHARGE DEPRECIATION IN THE NEXT FINANCIAL YEAR ON THE BOOK VALUE ? PLEASE EXPLAIN.
Amol S Joglekar
(Expert)
21 August 2012
If. for some reason the proprietor does not claim depreciation for any year, the same can not be claimed next year (except in the cases of carried forward... which is not your case). In your case the next year the opening balance of asset will be as if the depreciation has been charged last year.
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