Depreciation as per I.T.

Depreciation u/s 32 (as Per Income Tax) can be revised after submitting Return of Income, by Not taking Depreciation on duty paid on capital goods.

For the purpose of taking cenvat credit of duty paid on capital goods on which depreciation already taken

 

Replies (3)

The income tax return can be revised for any such mistake or rectification required by the assessee.

Hi dear,

Assessee can claim only one thing on part of excise duty paid by them.

1. Take cenvat credit : 50% in first year and 50% in next year

    OR

2. take benfit of depreciation under section 32 on duty paid part..

if assessee has taken both claim in return, then they should rectify above mistake by filling revise return wiothin  time limit set by department.

Originally posted by :Rashmi
" The income tax return can be revised for any such mistake or rectification required by the assessee. "

"There is No Mistake but i want to take cenvat credit in place of dep."

Sanjeev Jain
 

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