Depreciation on fisxed asests
This query is : Resolved
Anil Kumar Kedia
(Querist)
28 August 2008
One business firm has not charged depreciation on fixed asests for last two years now this year this firm charged depreciation and claimed as per income tax laws. My question is that : what will be the value of fixed assests for the purpose of deprection asf per income tax laws and what will be the provision for deprectiation for the amount not chartged last two years.
Thanks
Thanks
S.Srinivasaraghavan
(Expert)
28 August 2008
You have to be clear hether the failure to claim was in assessment or in books.
What was the reason for not charging? Mere omission?
What was the reason for not charging? Mere omission?
CA MOHIT VAATS
(Expert)
28 August 2008
Depreciation is mandatory to be charged but in case u have not charged the depreciation by whetever reason, the same will assumed that depreciation is charged for the year/years in which u have not charged the same
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