Assets Capitalisation and Depreciation
This query is : Resolved
29 September 2023
Due to some reason reason / Dispute, Contractor "A" left work pending. We hired some another Contractor 'B" for completion the work. Assets have also been put to use.
We do not have the bill's from previous Contractor "A", Can we capitalise Assets and claim depreciation?
We do not have the bill's from previous Contractor "A", Can we capitalise Assets and claim depreciation?
29 September 2023
Yes, capitalise assets and claim depreciation as you are using it.
29 September 2023
Thanks
How the Income Tax Authority determine the Value. Loan was directly disbursed to Work Contractor. He has not Paid GST and not raised any Bill. What Cost has to be taken in books of Account. What will be the Value of Costing?
How the Income Tax Authority determine the Value. Loan was directly disbursed to Work Contractor. He has not Paid GST and not raised any Bill. What Cost has to be taken in books of Account. What will be the Value of Costing?
29 September 2023
Income tax authority will not determine value.
You have to create liability in the books of accounts based on work execution and contract terms and capitalise in the books of accounts.
You have to create liability in the books of accounts based on work execution and contract terms and capitalise in the books of accounts.
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