Depreciation

This query is : Resolved

Guest

Guest (Querist)

15 July 2010 Dear Experts,
Please,Resolve one query

There is supposed to be a asset under Block 1 on which we were charging depreciation at the rate 15% for 3 yrs but the problem is that asset doesn't belong to this block it belongs another assets block on which depr.is provided at 10% this mistake come into light after 3 yrs
Now, i would like to ask :
1. What Will be the treatment of Excess charged Depr. in prev yrs ?
2. how that asset will be taken under other Block ?
Please............

Thanking You!

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
Follow

15 July 2010 Dear Ajay,

Excess charged depreciation is the Income on which tax has not been paid.

Simply pay tax in the current year on such income. and show the assets under the original block.

However, you may check if the assessment order is received for last three years if yes than no need to worry

You may also file 154 too!

Message likes : 1 times

Guest

Guest (Querist)

16 July 2010 Thanking You Dear Expert,But also tell under the original block at what WDV it should be taken ?
and also what is Form 154 ?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

John Ravindran Moses

ABHISHEK AGRAWAL

Prashant Kotecha

Sanjay Ratnani

Vinod Patil

Subscribe Now

Depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA