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
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
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.
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.
WEATHER DTA/DTL IS TO MADE OR NOT.
24 September 2010
It is a permanent difference,no need to create DTA/DTL.
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