If Depreciation is not allowed under 44AD & 44ADA can we take amount of depreciation on Balance sheet or P& L A/c ?
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Role of Depreciation Under 44ADA & 44AD
Replies (3)
Yes. You are supposed to depreciate the assets as usual, and adjust the amount to P&L acc & BS.
Thank You Sir, Have a Good day
For Assessing the True and Fair Value of Asset Depreciation is necessary as per Income Tax Act 1961 So that Proper amount of Depreciation will be Booked or charged to Profit and loss account and same True value of asset must be recorded on the Asset side of Balance Sheet.
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