Mistake in depreciation claimed as per IT Act - How to rectify and claim refund ??
This query is : Resolved
19 October 2023
In AY 22-23 Co. has sold Fixed assets for Rs.22 lacs ( original cost - 92 lacs). As per income tax ( WDV concept) Rs.22 lacs should have been deducted from WDV ( sale price). However by mistake 92 lacs was deducted which resulted in lower depreciation. We have paid higher tax due to above mistake.
can we file rectification u/s. 154 or revision application and claim refund ?
can we file rectification u/s. 154 or revision application and claim refund ?
20 October 2023
Section 154 rectification not applicable for such mistakes.
Adjust it in current year filing.
Adjust it in current year filing.
21 October 2023
how to adjust in current year ? is there any specific section ??
21 October 2023
Add 60 lacs for wrong deduction and claim depreciation.
No section it's depreciation calculation.
No section it's depreciation calculation.
23 October 2023
you mean i should add in WDV ? so that we get higher depreciation
23 October 2023
Yes you are right.....
.....
.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- 10% pre-deposit for gst appeal
- Tax on selling redeveloped resi property
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
