A person running small business having profit about 3.5 lack in the fy
1617 want to file fully balance sheet return, without claiming depreciation on his fixed assets or showing full assets value in balance sheet. It is possible to file return without claiming depreciation.
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Depreciation in balance sheet.
Replies (3)
Not possible.....
Explanation 5 to Section 32 (1) was inserted vide the Finance Act 2001 with effect from 1st April 2002. The said explanation reads as under:
“Explanation 5 – For the removal of doubts, it is hereby declared that the provisions of this sub-section shall apply whether or not the assessee has claimed the deduction in respect of depreciation in computing his total income;”
Thanks sir
My Pleasure......
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