Depreciation
This query is : Resolved
06 December 2011
whether depreciation is required for plant and mach. in individual case?
06 December 2011
Under Income Tax Act, block of assets concept is applicable.
Under this concept, all the assets belonging to a particular class are clubbed together and known as a Block.
For instance, all plant & machineries having same rate of depreciation will be clubbed together and accordingly depreciation will be calculated on the total value of the block and not on individual assets.
Under this concept, all the assets belonging to a particular class are clubbed together and known as a Block.
For instance, all plant & machineries having same rate of depreciation will be clubbed together and accordingly depreciation will be calculated on the total value of the block and not on individual assets.
CA Mahesh Vekariya
(Expert)
06 December 2011
Dear Manmohan
I agree with view given by Mr.Bhardwaj
I agree with view given by Mr.Bhardwaj
CA PARAS BAFNA
(Expert)
06 December 2011
The query may be replied in the following way also--
In the Case of Individual Depreciation on plant & machinery can be provided.
It can be presumed that the P&M is held by the individual for running any business activity.
In the Case of Individual Depreciation on plant & machinery can be provided.
It can be presumed that the P&M is held by the individual for running any business activity.
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