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Depreciation per books &as per tax
Can a proprietor of a Manufacturing firm (sole proprietorship) ignore DEPRECIATION EXPENSE in books and as per tax if this results in loss in P&L..is it mandatory to claim depreciation in books??
Replies (2)
Its mandatory to claim
By claiming your depreciation allowance you can reduce your tax liability of the current year as well as that of the future years till the unabsorbed depreciation gets exhausted as dpereciation loss can be c/f indefinitely wihout any limit unlike in case of business loss
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