How to show Disallowed Depreciation in Income Tax Return
This query is : Open
Bunty Sharma
(Querist)
22 October 2017
Hey!! I want to know that how to show depreciation disallowed u/s 38(2) in IT return, as, in IT return, I found no such option even depreciation is auto computable means we cannot just put the correct amount of depreciation there also.
So, will anybody guide me on the same.
Thanks
CA Rashmi Gandhi
(Expert)
22 October 2017
Which return you are filing?????
Bunty Sharma
(Querist)
22 October 2017
ITR-3 for the AY 2017-18 (Tax Audit Applicable)
CA Rashmi Gandhi
(Expert)
22 October 2017
Show in Column 7(c) of Part-OI.
Bunty Sharma
(Querist)
22 October 2017
So, how would we claim depreciation on disallowed depreciation in later years, as by showing it in column 7(c) it will not credit back to Asset a/c
CA Rashmi Gandhi
(Expert)
22 October 2017
You cant claim it as same is not used for business purpose
Bunty Sharma
(Querist)
22 October 2017
Ya exactly the point depreciation is not allowed if used no
Bunty Sharma
(Querist)
22 October 2017
Ya exactly the point, as per 38(2), such amount of depreciation is not allowed which is not used exclusively for business purpose, means such amount of depreciation is available for later years, right?
CA Rashmi Gandhi
(Expert)
22 October 2017
No actaully same depreciation deducted from your rental income....
Bunty Sharma
(Querist)
22 October 2017
Mam I think u have posted wrong reply on wrong post
CA Rashmi Gandhi
(Expert)
23 October 2017
Ohh sorry......
I mean depreciation not used for business purpose is not allowed in further year also as assets used by you for full......
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