Question regarding reporting of depreciation in ITR3 filing.
Reported depreciation information in DEP/DOA schedules as around 20000
Will the total depreciation of 20000 also include in Depreciation and Amortization column of Profit and Loss Account?
In BS schedule, will the 20000 depreciation be included in the fixed assets column? Does fixed assets column, include both new and old assets or just assets bought in the related Assessment year?
1. Not needed; it gets adjusted.
2. Yes. It should be total of all the assets including that purchased in PY.
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