depreciation
This query is : Resolved
03 December 2009
DURING THE ONGOING SCRUTINY FOR THE A.Y. 2007-2008 ONE OF THE CLIENT I CAME ACROSS THE IN THAT YEAR THE CLIENT HAS NOT CLAIMED DIVIDEND. MY QUESTION IS THAT IS DEPRECIATION COMPULSORY UNDER INCOME TAX ACT???????
PLZ REPLY IT IS REALLY URGENT!!!!!!!!
PLZ REPLY IT IS REALLY URGENT!!!!!!!!
03 December 2009
Depreciation is mandatory.
The Finance Act 2001 inserted explanation 5 to Section 32 (1) to provide that the depreciation has to be allowed whether or not the assessee has claimed the same. Hence, depreciation is a mandatory allowance now. It is effective from the assessment year 2002-03.
The Finance Act 2001 inserted explanation 5 to Section 32 (1) to provide that the depreciation has to be allowed whether or not the assessee has claimed the same. Hence, depreciation is a mandatory allowance now. It is effective from the assessment year 2002-03.
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