Firm is not dissolve but last financial year there were no work. Can firm claim dep. For that financial year?
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Depreciation
Replies (6)
Yes depreciation can be claimed for passive work also once machinery is put to use
depriciation claim but since there is no income than such case depriciation become unabsorb depriciation and carried forward to future years
you can not show loss due to depriciation
Can bank interest and charges claim by firm
yes u can claim depreciation and also interest since the funds are used for business not necessarily in the current year but also in previous years
but check the provisions of sec 43b if interest is overdue it will not be allowed as deduction
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