banner_ad

Depriciation in care of prop and partnership

189 views 9 replies
User Avatar

Manager
25 Points Posted on 16 September 2017

Is it mandatory for proprietor concerns and partnership concerns to incorporate the depriciation in the p&l. 

Reply Share Follow
On 16 September 2017 at 22:44 Report
Replies (9)
User Avatar

Managing Partner at TAXounting
8742 Points Posted on 17 September 2017
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
31 Reply
On 17 September 2017 at 07:02
User Avatar

"Do the Right Thing...!!!"
128147 Points Posted on 17 September 2017
In my view...
Yes. it's mandatory...
463 Reply
On 17 September 2017 at 07:32
User Avatar

Chartered Accountant
86505 Points Posted on 17 September 2017
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.
814 Reply
On 17 September 2017 at 08:07
User Avatar

Manager
25 Points Posted on 17 September 2017
If he is showing depcr in income tax filing then the firm will report lower profits correct.
Reply
On 17 September 2017 at 20:19
User Avatar

Manager
25 Points Posted on 17 September 2017
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
Reply
On 17 September 2017 at 20:21
User Avatar

Managing Partner at TAXounting
8742 Points Posted on 17 September 2017
Yes, in books profit will be higher as compared to IT return i.e in IT return profit will be lower
31 Reply
On 17 September 2017 at 20:27
User Avatar

Chartered Accountant
86505 Points Posted on 17 September 2017
Profit in IT return may be lower from book profit due to depreciation.
814 Reply
On 17 September 2017 at 23:08
User Avatar

"Do the Right Thing...!!!"
128147 Points Posted on 18 September 2017
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.....
463 Reply
On 18 September 2017 at 08:37
User Avatar

Chartered Accountant
86505 Points Posted on 18 September 2017
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.
814 Reply
On 18 September 2017 at 09:04


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details