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Adjustment of method change profit/loss in itr

ITR 296 views 2 replies

Jyothis

Article

1127 Points Joined December 2014

Under what all heads do we adjust the profit/loss on adoption of depreciation as per Companies Act 2013 in ITR.

Method Adopted by me is-

Show it as expense/Income under P&L sheet & show it as expense/Los exempted under computation of business income sheet.

Replies (2)

Karthik.V.Kulkarni

Chartered Accountant

594 Points Joined December 2012

There is no claim for depreciation as per companies act in itr. Depreciation shld be calculated as per income tax act. Profit and loss shld be show after adding back depreciation under co act.

Jyothis

Article

1127 Points Joined December 2014

Any ways we have to show Depreciation as per companies Act in Profit & Loss A/c sheet in ITR.

So do we need to show Actual depreciation+Loss inmethod chage/(Gain In method change of depreciation as Depreciation in ITR or do we need to specifically disclose depreciation & profit/loss on method change seperately in ITR.