29 September 2011
I have purchased a vehicle 5 years ago for business purpose.
I have taken depreciation in 1st year on it, not taken in 2nd and 3rd year, after that in 4rth year i have taken depriciation on WDV of 1st year. all of above balance sheets are audited by a CA.
Now I have to take depriciation for 5th year.
one of my freind telling me that depericiation is compulsory and I have to take depericiation on WDV derived after deducting notional depericiation from begining of year in which asset is purchased.
Depreciation not claimed in any year is lapsed. If you want to claim depreciation subsequently the WDV will be calculated as if depreciation for all years have been claimed.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
29 September 2011
so at what WDV assets should be shown in balance sheet 1. WDV of 4th year less depriciation of 5th year.
or
2. WDV calculated after deducting notional depriciation for all 5 years from cost of asset.
CAclubindia
