Depreciation
This query is : Resolved
jigar Dedaniya
(Querist)
22 September 2012
Dear Experts,
What will be implication on depreciation on conversion of proprietary concern into partnership firm, in between the year under Income Tax Act ?
Will, implication be same as that of conversion of proprietary concern into Company, i.e depreciation based on number day for which assets was held by respective concern
What will be implication on depreciation on conversion of proprietary concern into partnership firm, in between the year under Income Tax Act ?
Will, implication be same as that of conversion of proprietary concern into Company, i.e depreciation based on number day for which assets was held by respective concern
CA Ayush Agarwal
(Expert)
22 September 2012
Its Same as of Prop Concern Converting Into Company.
Almost Same Provision. No Change.
Since Specifically Income Tax No Where Mentioned This Conversion.
Almost Same Provision. No Change.
Since Specifically Income Tax No Where Mentioned This Conversion.
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jigar Dedaniya
(Querist)
22 September 2012
Thank you CA Ayush.
One more question
So how to give effect in ITR(issued by IT Dept) as there it calculate as if it is held from start of the year
One more question
So how to give effect in ITR(issued by IT Dept) as there it calculate as if it is held from start of the year
CA Ayush Agarwal
(Expert)
22 September 2012
in ITR - 4
show Date of purchase as opening and sale of asset on date of transfer.
it will calculate depreciation automaticaly whether within 180 days or not.
n in ITR 5
show date of purchase as date of transfer till 31/03 of ending year.
it will calculate depreciation automatically.
show Date of purchase as opening and sale of asset on date of transfer.
it will calculate depreciation automaticaly whether within 180 days or not.
n in ITR 5
show date of purchase as date of transfer till 31/03 of ending year.
it will calculate depreciation automatically.
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