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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 June 2013 SIR,
IF IN CHARITABLE TRUST ACCOUNT ESTABLISHED IN 1999 NO DEPRECIATION OF FIXED ASSETS WERE TAKEN FROM THE BEGINNING CAN ONE TAKE DEPRECIATION IN THE PREVIOUS FY (2012-2013). IF YES THEN HOW THE BASE VALUE TO BE TAKEN ? PLEASE REPLY MY QUERY...
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
17 June 2013 Under Income Tax, depreciation is allowed as if it were claimed. You cannot take it now.
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 June 2013 What to do now if depreciation is to be taken for 2012-2013 ?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
18 June 2013 Take the WDV assuming that it was depreciated regularly under Income Tax Act.
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