Not claim depreciation

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
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
18 August 2026
Audit Assistant - Remote / Work From Home

CA ANOOP P K & ASSOCIATES

Kozhikode

CA Inter

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details