Depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2010
if i lost furniture due to fire what will how will i disclouse it dep chart as per income tax act no inurance claim received on it
CA Ravi Sisodia
(Expert)
11 September 2010
Loss due to fire (transfer in to p&l a/c)
CA Navin Jain
(Expert)
11 September 2010
Deletion in furniture block at nil value as per income tax act and loss arising from lost of furniture transferred to P&L A/c as per companies act
11 September 2010
In depreciation chart as INCOME TAX ACT, YOU HAVE TO DO NOTHING, BLOCK OF ASSET REMAIN AS IT WITH REMAINING ASSETS.
In books, as per company act, you have to written off asset upto wdv value of asset on date of fire and loss t/f to profit & loss a/c
Such loss on fire will be add back at the time of computatin of income for tax .
In books, as per company act, you have to written off asset upto wdv value of asset on date of fire and loss t/f to profit & loss a/c
Such loss on fire will be add back at the time of computatin of income for tax .
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