Suppose I Have Opening Balance Of Machinery as 100000
I Received Subsidy From Government Of rs. 5000 in The month Of march.
How do i Calculate Depreciation As per Companies Act As well As IT Act.???
Suppose I Have Opening Balance Of Machinery as 100000
I Received Subsidy From Government Of rs. 5000 in The month Of march.
How do i Calculate Depreciation As per Companies Act As well As IT Act.???
(100000-5000)*RATE OF DEP
As per AS-10 Accounting for Fixed Assets.Any subsidy received from govt shall be reduced from the cost of fixed asset and then the remaining value shall be taken into consideration.So u have to deduct 5000 from 100,000 then apply depreciation rate on the remaining amount in both cases(i.e as per IT Act and as per Co. Act)
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
O P Bagla & Co LLP
New Delhi
CA Inter
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
