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.
CA PARAS BAFNA
(Expert)
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.
.
CA.Vinita Gupta
(Expert)
16 June 2013
Agreed with the reply of experts depreciation is mandatory as per the income tax act
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
