depreciation in cash basis of accounting
This query is : Resolved
19 August 2010
sir,
please let me know the treatment of depreciation if we are doing cash basis of accounting?
please also specify the treatment of gain or loss on sale of assets?
please let me know the treatment of depreciation if we are doing cash basis of accounting?
please also specify the treatment of gain or loss on sale of assets?
19 August 2010
Depreciation being a non cash adjustment, even if provided in accounts it will no alter the concept cash system of accounting. Gain or loss of depreciable asset may be booked following block concept and section 50 of the income tax Act,1961.
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