Depreciation as per income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2012
Whether any asset can be reclassified under different block of assets as per Income Tax act, if the company reclassifies the asset as per Companies Act. if yes, how the depreciation as per I.T. Act will be worked out.
28 April 2012
For the purpose of Income Tax such classification is neither required nor it will be recognised. The Asset has to be shown under the original block.
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