Whether additional dep. is provided to prop. firm also?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2014
Dear Expert,
In case of Prop. firm doing manufacturing businessfalling under tax audit.
they Installed New machines for productions.
whether additional dep. is applicable to them?
Actually they dont want to show the additional dep. amt in thier profit& loss A/c bcoz there is already a Net loss..dont want to increase the loss.
Can he prepare separate annex. for 3cd showing additional and Depreciation schedule as per books of accounts without additional dep.??
is this possible?
Pls. reply.
Thanks in advance
In case of Prop. firm doing manufacturing businessfalling under tax audit.
they Installed New machines for productions.
whether additional dep. is applicable to them?
Actually they dont want to show the additional dep. amt in thier profit& loss A/c bcoz there is already a Net loss..dont want to increase the loss.
Can he prepare separate annex. for 3cd showing additional and Depreciation schedule as per books of accounts without additional dep.??
is this possible?
Pls. reply.
Thanks in advance
CA UMESH DULAL
(Expert)
14 August 2014
Depreciation should be provided as per the IT ACT only.
Rupesh Jain
(Expert)
14 August 2014
as per income tax ace it is compulsory to charge the depreciation on fixed assets.
Nikhil Kaushik
(Expert)
14 August 2014
no. the additional depreciation as promugalated under section 32AC is available only to companies.
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