Depreciation
This query is : Open
29 September 2017
If an asset is completely depreciated as per Companies Act, but it is still having written down value as per IT act in the financial year apropos. Can we still claim depreciation as per IT Act for the calculation of Taxable Income?
29 September 2017
Yes you can claim as per IT.....
29 September 2017
But the Asset doesn't exist. How come it is possible?
29 September 2017
You have to maintain two separate details of assets.
One as per books & other as per IT
29 September 2017
That depends upon many other Following Criteria as you might be knowing that income tax follow the block of asset concept:
1. does the asset exist?
2. do you have any other asset in that block?
3. Does the other asset in the same block still exists?
29 September 2017
What if I have only a single asset in the concerned block which is exhausted as per The CA 2013? Can't I claim dep
29 September 2017
You can claim for same.......
01 October 2017
Welcome........ My pleasure.......
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