hey frnds,
I have bit silly query but i am confused so asking all of you, pls help me...
bhavik mehta (C.A.) (526 Points)
29 July 2010hey frnds,
I have bit silly query but i am confused so asking all of you, pls help me...
Suresh G
(Final Student)
(272 Points)
Replied 29 July 2010
There is no way . for not showing/Claiming Depreciation it is mandatory (Presumed by Law) .. hence it is not the discretion of the Assessee to claim U/S 32.
Suresh G
(Final Student)
(272 Points)
Replied 29 July 2010
There is no way . for not showing/Claiming Depreciation it is mandatory (Presumed by Law) .. hence it is not the discretion of the Assessee to claim U/S 32.
Member
(Management)
(325 Points)
Replied 29 July 2010
If you go through Section 32 carefully, you can see that it has been amended to provide for depreciation whether or not it is claimed by the assessee. Probably from Assessment Year 2002-03 onwards.
bhavik mehta
(C.A.)
(526 Points)
Replied 30 July 2010
thanks to both of you but frnds , if i 'll do all that i have say earlier then ,. wat are the implications???
if we see practically, then in case in what i am talking about, by not showing depriciation, he is paying tax & if show then no tax liability at allll. &&& have you refer any case, where officer has made a notice to give refund of tax???
share your views..
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 30 July 2010
I COMPLETELY AGREE WITH SURESH AND MEMBER.
HOWEVER, SOMETIMES IN PRACTICAL, DURING THE ASSESSMENT, ASSESSING OFFICER WOULD NOT CHARGE DEPRECIATION IF U DOESN'T CHARGED THE DEPRECIATION WHILE COMPUTING TAXABLE INCOME.
BUT IN THE NEXT YEAR, WHEN U WANT TO CHARGE THE DEPRECATION, IT WILL BE ALLOWED ON THE OPENING WDV AFTER DEDUCTING DEPRECIATION OF LAST YEAR EVEN IF U NOT CLAIMED LAST YEAR DEPRECIATION.
ASSESSING OFFICER WOULD NOT ALLOWED U TO GET THE DEPRECIATION BASED ON THE OPENING WDV OF LAST YEAR.
E.G 2008-2009, U FILED INCOME TAX RETURN WITHOUT CLAIMING DEPRE. OPENING AND CLOSING WDV (ASSUMING NO ADDITION) WOULD BE THE SAME SAY 100000. IN 2009-2010, U WANT TO CLAIM DEPR., THEN U WOULD NOT ALLOWED TO GET DEPRECIATION ON 100000. U R ALLOWED DEPRECIATION ONLY ON THE RS.100000 LESS DEPRECIATION TO BE FOR 2008-2009 (EVEN IF DEPRECIATION NOT CLEIMED IN 2008-2009)
REGARDS,
MANOJ
prateek rijwani
(Industrial Trainee)
(125 Points)
Replied 30 July 2010
No,it is not allowed......refer sec-32 carefully......also it is a frequent question asked by institute in income tax exam......if u will consider it in ur books the effect will be-while assessing your income for the next year,the Ao will pesume that the claim u/s 32 have been duly complied with........
CA Rahul Jain
(Job)
(148 Points)
Replied 30 July 2010
no at all ,as per section 32 of income tax act it is mandatory to claim depreciation in case profit is not sufficient then u can carry forweard unabsorbed depreciation as per section 32(2)
| Originally posted by : Manoj B. Gavali | ||
 |
I COMPLETELY AGREE WITH SURESH AND MEMBER. HOWEVER, SOMETIMES IN PRACTICAL, DURING THE ASSESSMENT, ASSESSING OFFICER WOULD NOT CHARGE DEPRECIATION IF U DOESN'T CHARGED THE DEPRECIATION WHILE COMPUTING TAXABLE INCOME. BUT IN THE NEXT YEAR, WHEN U WANT TO CHARGE THE DEPRECATION, IT WILL BE ALLOWED ON THE OPENING WDV AFTER DEDUCTING DEPRECIATION OF LAST YEAR EVEN IF U NOT CLAIMED LAST YEAR DEPRECIATION. ASSESSING OFFICER WOULD NOT ALLOWED U TO GET THE DEPRECIATION BASED ON THE OPENING WDV OF LAST YEAR. E.G 2008-2009, U FILED INCOME TAX RETURN WITHOUT CLAIMING DEPRE. OPENING AND CLOSING WDV (ASSUMING NO ADDITION) WOULD BE THE SAME SAY 100000. IN 2009-2010, U WANT TO CLAIM DEPR., THEN U WOULD NOT ALLOWED TO GET DEPRECIATION ON 100000. U R ALLOWED DEPRECIATION ONLY ON THE RS.100000 LESS DEPRECIATION TO BE FOR 2008-2009 (EVEN IF DEPRECIATION NOT CLEIMED IN 2008-2009) REGARDS, MANOJ |
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