Depreciation
This query is : Resolved
03 August 2016
Depreciation on Printer is Charged @15% instead of 60% in a Pvt Ltd Co since 5 Years. What would be the consequence if I want to change it now from the Current FY? Please guide.
03 August 2016
Dear Respected Expert,
My Query is I bought a building & Bus four year ago & not charged depreciation in any previous year IT return can now i can claim depreciation . I am not an audit party.
I just want to know if it is possible what impact would be in my books of accounts & IT returns.
Please suggest.
My Query is I bought a building & Bus four year ago & not charged depreciation in any previous year IT return can now i can claim depreciation . I am not an audit party.
I just want to know if it is possible what impact would be in my books of accounts & IT returns.
Please suggest.
03 August 2016
@ yogesh bhayal : the depreciation is deemed to have been considered if you have not charged the same in the respective years... you can very well work out the depreciation for the earlier years... Under income tax, the same may not be set off as yyou have NOT claimed it through ITR within the due date of the respective years
03 August 2016
@ Nidhi Karia: In income tax, the depreciation although not charged is DEEMED to have been charged....so on the WDV as on 01/04/2016, if you charge depreciation at 60% for the year 2016-17, it would not be fair. But if you go by IFRS, the same would be allowable....(IFRS works out with useful life of the asset)
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