Not claim depreciation

ITR 438 views 3 replies

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

Replies (3)

          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. 


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