Previous financial year X firm converted in to Private Limited Company. for Part period Firm has to file IT return till it is converted in to a Company. Wherein the Promoters are decided not to claim Depreciation on Fixed Assets. In the IT Return if I fill the Asset values automatically it is clauclating the depreication.How can I sort out the proble. Is there any way to file IT return without caliming Depreciation.
Please help me in sorting out my problem
Praveen
Dont fill the Depreciation Schedule. Leave it Blank.
i feel that you are talking about the software KITRET
when you enter the asset amount then enter it in the block of 0% depretiation, or else enter it in the respective block in which it should be enterd and then change the rate od depretiation to 0%
I think if you are filing return of income of the firm only P & L figures will have to be given as there will nothing be there in the balance sheet. So you cannot claim any dep. Hence keep the dep schedule blank
CAclubindia
