DEPRECIATION AS PER CO.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 AS WE KNOW IN IT ACT,
THAT IF ANY ASSET IS SOLD IN MID OF YEAR, THEN DEPRECIATION IS NOT AVAILABLE.

NOW I WANNA TO KNOW IN COMPANIES ACT......WEATHER IT IS AVAILABLE.

IF AVAILABLE.THEN AFTER CHARGING DEP. WE HAVE TO RECOGNISE PROFIT/LOSS ON SALE OF ASSET NA???

AND WAT ABT THEN DEFERED TAX LIABILITY IN THIS CASE.?/

PLZ REPLY

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2010 1. Depreciation can be charged upto the date of sale as per companies Act,1956.
2. Yes after depreciation,profit/loss shall be arrived and it should be recognized.
3. For the difference in depreciation ,as per schedules prepared under companies act and under Income tax act,DTA/DTL has to be necessarily recognized as per AS-22.

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 AND WAT ABT PROFIT/LOSS ON SALE OF ASSE.

WEATHER DTA/DTL IS TO MADE OR NOT.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2010 It is a permanent difference,no need to create DTA/DTL.

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