Depreciation
This query is : Resolved
Mahabir Prasad Agarwal
(Querist)
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
(Expert)
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
(Querist)
04 September 2019
May I show less depreciation than as prescribed in IT act /Company Act.
CA R SEETHARAMAN
(Expert)
04 September 2019
Adopt companies Act depreciation or based on actual useful life of the asset.
Amol S Joglekar
(Expert)
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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