Dep
This query is : Resolved
10 September 2010
Dep on those FA which are sold during the yr from beginning of current FY upto date of sale not taken into consideration.
whether it will attract any penal consequence?
whether it will attract any penal consequence?
10 September 2010
As per income tax Act,1961 , depreciation need not be charged in the year of sale.
As per companies act,1956 depreciation has to be charged in the year of sale on pro-rata basis meaning thereby it is to be calculated for the number of days starting with the 1st day of the financial year and ending on the date of sale. If not charged accounts are not in accordance with Schedule VI of the said act.
As per companies act,1956 depreciation has to be charged in the year of sale on pro-rata basis meaning thereby it is to be calculated for the number of days starting with the 1st day of the financial year and ending on the date of sale. If not charged accounts are not in accordance with Schedule VI of the said act.
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