Mistake in depreciation claimed as per IT Act - How to rectify and claim refund ??
This query is : Resolved
Quick Summary
CA Abhishek Singh
(Querist)
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 ?
CA R SEETHARAMAN
(Expert)
20 October 2023
Section 154 rectification not applicable for such mistakes.
Adjust it in current year filing.
Adjust it in current year filing.
CA Abhishek Singh
(Querist)
21 October 2023
how to adjust in current year ? is there any specific section ??
CA R SEETHARAMAN
(Expert)
21 October 2023
Add 60 lacs for wrong deduction and claim depreciation.
No section it's depreciation calculation.
No section it's depreciation calculation.
CA Abhishek Singh
(Querist)
23 October 2023
you mean i should add in WDV ? so that we get higher depreciation
CA R SEETHARAMAN
(Expert)
23 October 2023
Yes you are right.....
.....
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