Depreciation
This query is : Resolved
01 June 2013
I m having 'individual' status. while preparing my income tax return I have disclosed my assets after deducting depreciation (on the basis of useful life)
My question is that can I create 'Depreciation reserve fund' in my balance sheet even if I m an individual.
My question is that can I create 'Depreciation reserve fund' in my balance sheet even if I m an individual.
03 June 2013
no you can't create reserve. and if you create, it is not allowed for deduction to reduce income.
Rupesh Jain
(Expert)
18 June 2013
if are filing income tax return then you calim deprection it is only those rate . mention in income tax u/s 32
if you are create reserve in your books
no deduction or addition in income tax for that
if you are create reserve in your books
no deduction or addition in income tax for that
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