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Depreciation u/s 32

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sathya

Articled assistant

30 Points Posted on 17 April 2014

Friends assist me for the following issue,

One of our client strated business during the year 2012-13 with the amount invested in factory building Rs.25 lakhs and machinery Rs.40 lakhs. But he did not claimed depreciation for the respective A.Y in return. Now while file return for the A.Y 2014-15. he wishes to cliam. So, what suould be the WDV i.e the original cost of asset? or Notional WDV

Replies (10)

DINU SUKUMAR

Audit Manager

160 Points Posted on 17 April 2014

Hii,

Under section 32. depreciation is deemed to be allowed, if the assessee not claimed in ITR. Since you are requested to compute depreciation on notional WDV as at 01.04.2013. Regards

JAINENDRA JAIN

ACS/CA

1264 Points Posted on 17 April 2014

agreed with above answer.

Ramanuj

Accountant.

812 Points Posted on 17 April 2014

agree with above

SURESHAN K

Auditor

151 Points Posted on 17 April 2014

He can file return for AY2013-14 till 31/03/2015 and can claim the depreciation. The unabsorbed depreciation can be carried forward to subsequent years.