DEPRECIATION QUESTION
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
Hi
Respected Memebers]
I want to know if suppose one fixed asset sold and thereafter method of depreciation is changed from WDV to SlM OR vice versa.
SO by this depreciatin shall be recalculated retrospective effect from the date of asset come to use.
So my question is Whether depreciation shall recalulated on sold asset?
is there any provision of such?
Respected Memebers]
I want to know if suppose one fixed asset sold and thereafter method of depreciation is changed from WDV to SlM OR vice versa.
SO by this depreciatin shall be recalculated retrospective effect from the date of asset come to use.
So my question is Whether depreciation shall recalulated on sold asset?
is there any provision of such?
07 January 2011
i think you cannot change depreciation during the year but after completion of year the same can be change with approval of Assessee Officer only.
Therefore, retrospective effect will not work.
However, let the others show their opinion.
Regards
Therefore, retrospective effect will not work.
However, let the others show their opinion.
Regards
07 January 2011
As per income tax act you have to follow WDV method only and SLM method is allowed only for power generating companies in income tax act.
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