Itr could not file in audit case

Save Share

This query is : Resolved

CA SHALINI CHOUHAN BHALLA (Querist)
Follow

11 July 2012 SIR CAN U PLEASE HELP ME OUT I HAVE BEEN AUDITING THE DETAILS OF A FIRM & FOUND THAT THE COMPANY IS MAKING A DEPRECIATION SCHEDULE IN WHICH IT IS CHARGING DEP IN SOME ASSETS AS PER WDV METHOD & SOME ASSETS AS PER SLM BECAUSE IT HAS DIFFERNT SEGMENT IN WHICH THOSE ASSETS ARE USED?

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 Dear Sir
my one client has GTO about 1cr.in A.Y. 2010-11.
Audit has been done but ITR could not be filed till now.
he also want to claim refund about 1 lakh.
How can we file ITR and get refund?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

11 July 2012 The return for AY 10-11 could have been filed upto 31.03.2012.

Since the time limit for filing the same has expired, the return has become time barred and CANNOT be filed now.

CA Vikas

CA Vikas (Expert)
Follow

11 July 2012 Shalini,

Company can use WDV as well SLM if both asset is different in nature & use.
The management has to justify for this.

Sanjay Chauhan (IFRS)

Sanjay Chauhan (IFRS) (Expert)
Follow

11 July 2012 Refer Circular letter No. 10 (1)-CL VI dated 27-9-1961 issued by the above mentioned authority reproduced below:

“It is permissible to adopt different method for different types of assets provided the same basis is consistently adopted from year to year in accordance with the provisions of Section 205(2).”

Regards,
Sanjay

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
Follow

17 July 2012 Section 350 of Companies Act Provide for Minimum Depreciation.

Its company to decide what rate should be opt for which asset.
and this is done by defining accounting policy on Depreciation on different class of Assets but the same should not be less minimum amount specify in Companies Act.

Hence company can use different rate/method for different type of assets provided same is covered in his accounting policy and same is followed consistently.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now