Depreciation on commercial vehicle
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2012
MY CLIENT HAVING A PARTNERSHIP FIRM DEALING IN TRANSPORTATION WORK AND AUDIT U/S 44 AB.
HE IS CHARGED DEPRECIATION @ 15% FOR THE F.Y. 2011-12 ON COMMERCIAL VEHICLE, WHICH ARE PURCHASE ON SAME F.Y. BUT AS PER INCOME TAX ACT THE DEPRECIATION IS ALLOWABLE @ 30%.
WHETHER 15% DEPRECIATION CHARGED IN BOOKS AND DEPRECIATION CHARGED IN INCOME TAX RETURN AS PER IT ACT (i.e. 30%).
WHETHER WE ARE CREATE DEFERRED TAX LIABILITY ACCOUNT IN THIS PARTNERSHIP FIRM
PLEASE GIVE YOUR VALUABLE SUGGESTION.
HE IS CHARGED DEPRECIATION @ 15% FOR THE F.Y. 2011-12 ON COMMERCIAL VEHICLE, WHICH ARE PURCHASE ON SAME F.Y. BUT AS PER INCOME TAX ACT THE DEPRECIATION IS ALLOWABLE @ 30%.
WHETHER 15% DEPRECIATION CHARGED IN BOOKS AND DEPRECIATION CHARGED IN INCOME TAX RETURN AS PER IT ACT (i.e. 30%).
WHETHER WE ARE CREATE DEFERRED TAX LIABILITY ACCOUNT IN THIS PARTNERSHIP FIRM
PLEASE GIVE YOUR VALUABLE SUGGESTION.
27 October 2012
In Sr.No.14 of Part-B of 3CD , one has to mention the details of depreciation allowable as per Income Tax Act,1961 and it has to nothing to do with you accounting records.
Just mention in the accounting policies the method and rate of depreciation.
Just mention in the accounting policies the method and rate of depreciation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Annual return in Gst
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
