Not claim depreciation

759 views 3 replies

What if firm do not want to claim depreciation in itr-5, but wants to carry forward fixed assets 

Replies (3)
Quick Summary
This discussion clarifies that you cannot simply choose not to claim depreciation on fixed assets when filing your ITR-5. According to Section 32 of the Income Tax Act, depreciation is an allowable deduction if the asset is used exclusively for business purposes and owned by the assessee. Furthermore, accounting standards mandate depreciation in the books of accounts for non-corporate entities, making it a compulsory entry.

          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  . 

Take more opinion on this. 

Please correct deduction meaning ( mistake due to oversight ), it's allowable expenses while calculating taxable profit. If  the asset is exclusively for business purpose.

Also one more thing I would  like to add above, is that asset must be Owned by assessee, in addition to use for business purpose. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
20 July 2026
Senior GST Executive

Chandak Agarwal & Co

Mumbai

Graduate (Any)

View Details
Company
21 July 2026
Chartered Accountant

Keshri & Associates

Thiruvananthapuram

CA

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details