DEPRECIATION
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2010
Sir
A NGO got some fixed assets (Computers) from an organisation (say A). The NGO take the market value of the assets as A paid cash and the NGO purchased the Assets. Now the question is whether it has to take depreciation on this Computers. Can the NGO take lesser % of Depreciation for calculation for Receipt and Payment A/C ?
Thanking You
Sampad Mohanty
A NGO got some fixed assets (Computers) from an organisation (say A). The NGO take the market value of the assets as A paid cash and the NGO purchased the Assets. Now the question is whether it has to take depreciation on this Computers. Can the NGO take lesser % of Depreciation for calculation for Receipt and Payment A/C ?
Thanking You
Sampad Mohanty
19 December 2010
Deprectaion is calculated on book value as per useful life of aseets.
AMAN Gupta
(Expert)
21 December 2010
If the payment is not made by the NGO itself then it can not claim depreciation on it
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GST ITC as per notification 12/2023- central tax
- LLP audit and disclosure
- Capital Gains Tax on Inherited Mutual Fund
- Form 144 TDS Return Validation Error – Mandatory Fields
- Gift to nri relatives resides in usa
- GSTR9 Annual Return
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
