Depreciation

This query is : Resolved

Share Report Follow Query Ask a Query

manmohan

manmohan (Querist)
Follow

06 December 2011 whether depreciation is required for plant and mach. in individual case?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

CA Mahesh Vekariya

CA Mahesh Vekariya (Expert)
Follow

06 December 2011 Dear Manmohan

I agree with view given by Mr.Bhardwaj

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

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

Jayanti Visani

Sreekumar J Pai

damodara rao tedla

CA K GIRIDHAR

UPENDRAN YADAV

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