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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Last year TDS Claim
- Long Term Service award taxability in hands of company
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
