Depreciation

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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)

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 ?

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