Depreciation claimed procedure
This query is : Resolved
Kollipara Sundaraiah
(Querist)
11 June 2021
Sir,
A doctor running a private hospital purchase of new equipment large amount value 50% down payment remaining balance some(24 installments) pay procedure.assess accounting books maintained for cash system
Question:
1.assess purchase of equipment value based on invoice (equipment full value)or pay 50 percent value entry passed in books and depreciation claim full value or pay value allowed in it act.
A doctor running a private hospital purchase of new equipment large amount value 50% down payment remaining balance some(24 installments) pay procedure.assess accounting books maintained for cash system
Question:
1.assess purchase of equipment value based on invoice (equipment full value)or pay 50 percent value entry passed in books and depreciation claim full value or pay value allowed in it act.
CA R SEETHARAMAN
(Expert)
11 June 2021
Claim depreciation for full value under income tax and in books. Show full value of asset in the books of accounts.
Cash basis of accounting is for income and expenses.
Cash basis of accounting is for income and expenses.
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