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Regarding Depreciation.
In last two years we do not claim the Depreciation in books and not in ITR of Firm. But not in last current year we want to claim the Depreciation in books and ITR aslo. How to treat the book entry of depreciation of last two years. I donot route the entry of depreciation via capital account. Pls solve the query.
Replies (2)
Can you please explain why you didnt take depreciation in past years. was it because you opted for 44ad or for some other reason?
Claiming of depreciation is not an option but a mandatory deduction.
In ITR, Calculate the opening WDV as if you have already deducted depreciation for last 2 years. Then claim depreciation for the current year.
And in books, you will have to route the entry via capital account
In ITR, Calculate the opening WDV as if you have already deducted depreciation for last 2 years. Then claim depreciation for the current year.
And in books, you will have to route the entry via capital account
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