Treatment of disallowed depreciation by ito in previous year

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amit (Querist)
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01 January 2015 under intimation u/s 143(1), the income tax department has disallowed the depreciation of rs.11550 on mobile of rs 38500 in financial year 2012-2013 and charged tax payble amt of Rs. 760.00. I have paid the said tax payble amount. now my question is that in financial year 2013-2014 what should i take w.d.v of mobile fixed asset. and what would be the treatment of disallowed deprecaiton of f.y 2012-2013 in current year in computation of income.

Amol S Joglekar

Amol S Joglekar (Expert)
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02 January 2015 Normally such adjustments are DONE in computation sheet only....

Since you want to keep income tax figures and ACCOUNTING figures perfectly matched what you can do is, pass a JV

Debit Mobile
Credit Proprietor's Capital a/c

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