Is it mandatory for proprietor concerns and partnership concerns to incorporate the depriciation in the p&l.
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Depriciation in care of prop and partnership
Replies (9)
As per me it is not mandatory to incorporate depreciation in books of account but you have to take deduction of depreciation in income tax return
In my view...
Yes. it's mandatory...
Yes. it's mandatory...
Not compulsory to show in P&L.
But as per Income tax you have to charged irrespective that you dont charged dep in your books.
But as per Income tax you have to charged irrespective that you dont charged dep in your books.
If he is showing depcr in income tax filing then the firm will report lower profits correct.
Raja sir in case of companies I came to know that it's compulsory for declaring dividends but in case of prop and partnership firm even though there are fixed assests it's not compulsary for the firm to keep in depcr in p&l
Yes, in books profit will be higher as compared to IT return i.e in IT return profit will be lower
Profit in IT return may be lower from book profit due to depreciation.
Yes Madam,
It's differ from IT to books of accounts.
In case the assessee get any Scrutiny then how show/match his books of accounts and matching his IT return.....
It's differ from IT to books of accounts.
In case the assessee get any Scrutiny then how show/match his books of accounts and matching his IT return.....
Details will be given to them. There is provision in IT for provisioning of depreciation even if same is not allowed in books. Give details in your return.
IT deptt in no case ask for that difference.
IT deptt in no case ask for that difference.
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