Block of asset for Individual with multiple business
This query is : Resolved
19 December 2009
There is a problem that as per IT Act, block of asset concept is on assessee basis or on business basis.
Now, take a query for Individual.
Let us say that an individual is having 5 different businesses. For each business, seperate B/S & P/L a/c are prepared. How to calculate depreciation????
Block of asset to be taken business wise or for the assessee as a whole.
What about Tax audit. I think only one report will be prepared for assessee only & not for each business & thus IT Dep. is also on basis of assessee. But , how to create blocks????
Thanks in advance.
Now, take a query for Individual.
Let us say that an individual is having 5 different businesses. For each business, seperate B/S & P/L a/c are prepared. How to calculate depreciation????
Block of asset to be taken business wise or for the assessee as a whole.
What about Tax audit. I think only one report will be prepared for assessee only & not for each business & thus IT Dep. is also on basis of assessee. But , how to create blocks????
Thanks in advance.
19 December 2009
One return will be filed for an assessee even if he is having more than one source or more than one business.
Hence; tax audit will also be made by merging all the figures. Accordingly; the depreciation will be calculated by creating blocks as if it is one business.
Hence; tax audit will also be made by merging all the figures. Accordingly; the depreciation will be calculated by creating blocks as if it is one business.
19 December 2009
Thanks Sir
28 December 2009
Pls. reply .
28 December 2009
Block of Assets is Assesse wise not busines wise.
29 December 2009
I agree that block is assessee wise but the question is that how to add the assets of different business or different divisions of one business in one block. Is it correct to add the similiar assets or we should make different blocks of P & M.
29 December 2009
Different assets under same depreciation rate blocks.
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