Depreciation

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Mahabir Prasad Agarwal (Querist)
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04 September 2019 Whether it is compulsory to provide depreciation as per Income tax rule rate in non-audit cases. May I provide less depreciation on vehicles, plant and machinery, FFF ? .My turnover is less than 1.00 crore and I declare my income u/s.44AD.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2019 Non audit and 44AD cases it's not compulsory to provide depreciation based on IT rates. You can adopt companies act rates which is much reasonable.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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04 September 2019 May I show less depreciation than as prescribed in IT act /Company Act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2019 Adopt companies Act depreciation or based on actual useful life of the asset.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 September 2019 44AD says, the expenditure, if any u/s 28 to 44 have been deemed to be claimed. So there is no use as such by claiming less depreciation.

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