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)

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)

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)

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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