depriciation on assets sold under co.act
This query is : Resolved
29 April 2009
A pvt. ltd co. sold its fixed assets (furniture)on 27-3-2008. Dep. is to charged to p&l account upto 27-3-2008 under companies act, 1956 or no dep is to be charged as in case of IT Act where no dep is charged in the year of sale of fixed assets?
29 April 2009
Depreciation shall be charged under as companies act. The difference is permanent in nature shall not create deferred assets/ liability
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