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Depriciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 June 2013 Since it is not necessary to claim Depriciation, but as per IT Act, in the next year depriciation will be available only on reduced amount, so my QUESTION is " HOW TO SHOW THE ASSET IN BALANCE SHEET ON REDUCED AMOUNT SINCE I HAVE'NT CLAIM DEP^????
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Guest

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Guest (Expert)
16 June 2013 Under income tax, depreciation deduction is not optional it is mandatory.

So when you make books of accounts for the income tax purpose, the assets have to be disclose under written down value method.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
16 June 2013 I Agree with the opinion of Mr Ashish Barthwal.
.
If you have not claimed Depreciation in the earlier years and really desire to claim depreciation now, debit the capital account by the earlier year's depreciation amount.
.
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
16 June 2013 Agreed with the reply of experts depreciation is mandatory as per the income tax act
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