I have a query regarding Depreciation on fixed assets. There is HUF whose business loss without providing for depreciation is Rs.841978.00. So shall i provide for current year depreciation on fixed assets @ 15% on car? or Shall i Show A loss of Rs.841978. There is also income from other sources of Rs.9592.00. Deprecition to be provided is Rs.843051. Plz reply
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Depreciation
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Hello,
Explanation 5 to section 32(1) : MANDATORY TO CLAIM DEPRECIATION
It is mandatory for the assessee to claim deprecation. Deprecation shall be allowed to the assessee whether or not the assessee has claimed deduction in respect of deprecation in computing his total income. Therefore, in computing the profits and gains of business or profession for any previous year, the deduction of deprecation under section 32 shall be mandatory.
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