Change of Rate of Depreciation

If rate of dep wrong charge on a assets and audit is completed that year how to solve it in subsequent year for proprietary business.
Replies (5)
Quick Summary
This discussion addresses how to correct errors in the rate of depreciation charged on assets for a proprietary business in a subsequent financial year, especially after an audit has been completed. It explores treating the adjustment as a prior period item, considering the materiality of the transaction and its implications on the balance sheet, rather than focusing on Income Tax Return (ITR) filing adjustments.

You may consider as prior period item and adjust the balances of Asset
Prior period item disclosure is one aspect you must slso consider the materiality of the transaction . pls post materiality of the transaction. I mean to say what would be the implications on the balance sheet of the organisation
What I do at time of ITR Filling?
Do adjustment in accounts and do ITR filing based on accounts
Itr filing is nor pertinent here.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details