Depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2013
Since it is not necessary to claim Depriciation, but as per IT Act, in the next year depriciation will be available only on reduced amount, so my QUESTION is " HOW TO SHOW THE ASSET IN BALANCE SHEET ON REDUCED AMOUNT SINCE I HAVE'NT CLAIM DEP^????
Guest
Guest
(Expert)
16 June 2013
Under income tax, depreciation deduction is not optional it is mandatory.
So when you make books of accounts for the income tax purpose, the assets have to be disclose under written down value method.
So when you make books of accounts for the income tax purpose, the assets have to be disclose under written down value method.
16 June 2013
I Agree with the opinion of Mr Ashish Barthwal.
.
If you have not claimed Depreciation in the earlier years and really desire to claim depreciation now, debit the capital account by the earlier year's depreciation amount.
.
.
If you have not claimed Depreciation in the earlier years and really desire to claim depreciation now, debit the capital account by the earlier year's depreciation amount.
.
16 June 2013
Agreed with the reply of experts depreciation is mandatory as per the income tax act
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