Depriciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 if i lost furniture due to fire what will how will i disclouse it dep chart as per income tax act no inurance claim received on it

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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11 September 2010 Loss due to fire (transfer in to p&l a/c)

CA Navin Jain

CA Navin Jain (Expert)
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11 September 2010 Deletion in furniture block at nil value as per income tax act and loss arising from lost of furniture transferred to P&L A/c as per companies act

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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11 September 2010 In depreciation chart as INCOME TAX ACT, YOU HAVE TO DO NOTHING, BLOCK OF ASSET REMAIN AS IT WITH REMAINING ASSETS.

In books, as per company act, you have to written off asset upto wdv value of asset on date of fire and loss t/f to profit & loss a/c

Such loss on fire will be add back at the time of computatin of income for tax .