Deffered Tax - Depreciation on lease holdland
This query is : Resolved
04 May 2009
The cost acquiring a Leasehold land is amortised over the period of lease.Hence, Depreciation/amortisation is allowed as per companies act.
But whether the amortised amount (ie depreciation)is allowed as deduction in computation of Income under the Income tax Act? If yes under which sec of income tax
If no, While calculating defferred tax Whether we have to ignore the leasehold land depreciation as per copanies act ?
But whether the amortised amount (ie depreciation)is allowed as deduction in computation of Income under the Income tax Act? If yes under which sec of income tax
If no, While calculating defferred tax Whether we have to ignore the leasehold land depreciation as per copanies act ?
05 May 2009
In Income tax no deprecaiton is allowed in computing the taxable income of the assessee. So for deferrred tax calculation it becomes a permanent difference, need to be ignored.
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