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Depreciation

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(Querist)
08 March 2010
An organisation using a machinery from past 10 years has not claimed depreciation, now wants to claim the depreciation from this year. How to claim & how much to claim for current year?

Thanks in advance
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Zeeshan

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Zeeshan (Expert)
08 March 2010 Deduction for Depreciation u/s 32 is mendatory in nature. it is not voluntary.
Hence all the previous returns should be revised and depreciation should be deducted from the taxable profit.
For the current year,
As per my opinion, you have to calculate the WDV as on the first date of this year after Depreciating the Machine @ 25% on WDV method for the last 10 year. And Dep. 25% will be allowed on opening WDV.
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