Depreciation

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Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2013 Whether Depreciation can be claimed in case of assessee maintaining books of account in cash basis??

Ganeshbabu K

Ganeshbabu K (Expert)
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04 October 2013 Yes, it can be claimed,,Generally professionals do follow cash basis accounting..

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Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2013 Whether charitable trust can also claim depreciation who are following cash basis of accounting??

Ganeshbabu K

Ganeshbabu K (Expert)
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04 October 2013 Depreciation is a Non-cash adjustment.Just because of providing depreciation in books it will not alter the concept of cash system of accounting...
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Depreciation can be Provided

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 October 2013 Charitable trust can charge depreciation as per accounting principles or in terms of section 32 of the Income tax Act,1961.

Ref:- Depreciation - accounting taxation and company law issues- a study, an ICAI Publication, August 2003 edition, page 65.

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