Depreciation on asset sold
This query is : Resolved
22 September 2013
Dear Experts,
Plz guide in case of depreciation on asset sold before & after 30th sept.
Plz guide in case of depreciation on asset sold before & after 30th sept.
22 September 2013
As per the IT AC depreciation on sold asset doesn't allowed and such value of sale shall be deducted from the WDV of the block as on the first day of year beginning and depreciation shall be calculated on such balance amount.
The asset sold at any time during the year the same treatment as above applicable.
In case if you charged any depreciation on such sold asset in your books then the above adjustment has to be make while computation of taxable income.
In case you asking about as per companies act then the depreciation in the books shall be charge upto date of sale as per the depreciation accounting policy following by the company as well as depreciation adjustment as per IT act shall be made at the time of preparation of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
The asset sold at any time during the year the same treatment as above applicable.
In case if you charged any depreciation on such sold asset in your books then the above adjustment has to be make while computation of taxable income.
In case you asking about as per companies act then the depreciation in the books shall be charge upto date of sale as per the depreciation accounting policy following by the company as well as depreciation adjustment as per IT act shall be made at the time of preparation of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
Message likes :
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23 September 2013
Thanx a lot sir..
OM SAI SRI SAI JAI JAI SAI..
OM SAI SRI SAI JAI JAI SAI..
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