GST Practitioner & Accounts
15035 Points
Joined March 2014
No, you can not skip depreciation, as per section 32 of the income tax Act and it is allowable deduction if asset is used exclusively used for business purpose , Also depreciation is mandatory as per accounting standards 10 (PPE) in the books of accounts, which is applicable to non corporate entities, so as per my opinion file ITR5 as per the Income tax law .
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