Depreciation claimed allowed 2nd year

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This discussion clarifies depreciation claims for individuals filing under Section 44ADA. It explains that separate depreciation claims are generally not allowed as it's considered within the 50% turnover deduction. Furthermore, depreciation on cash purchases exceeding £10,000 per day is also disallowed under this section.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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12 July 2021 Sir,
Sec 44ada it returns filed person purchase of fixed assets value in cash mode f.y.19-20 .but assess depreciation not claimed in f.y.19-20.
Query:
Assess current f.y.20-21 above mentioned cash mode purchase fixed assets value depreciation claimed allowed in it act.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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12 July 2021 44ADA assessees cannot separately claim deduction on account of depreciation.
Further, assessees cannot claim depreciation on cash purchase >=10k per day.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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12 July 2021 If you opt for Sec 44ADA, then no need to claim depreciation separately . Same is considered as already deducted while calculate 50% of turnover.

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