Fix asset & income tax

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mansi (Querist)
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23 September 2012 Sir
There are many provisions in Income tax Act
which one has to take care while doing Tax Audits viz from depreciation rates to valuation of FA in case tr to group companies etc....

What are the rules & sections applicable in case Assets transferred from one co to another & in case both the co.s are from same group.( Block of Asset )

Is there any Complete Guidance Note for all the Income tax issues relating to FA valuation & Depreciation etc..

Thanks ,

Mansi
CA Student.

Amol S Joglekar

Amol S Joglekar (Expert)
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23 September 2012 Guidance note on tax audit issued by ICAI is the best course material. Would like to know what is bothering you for FA valuation? Chartered Accountant is not VALUER. He/she needs to rely on the VALUER (Govt approved or otherwise) for the value of FA. Like to know your difficulty in this regard.

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mansi

mansi (Querist)
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28 September 2012 Thank you very much , In our client's some Assets are purchased from Group Company . What will be vale for Gross Block Purpose & as per Co Act in books.

Amol S Joglekar

Amol S Joglekar (Expert)
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28 September 2012 Recors it at 'actual cost" at which the block is purchased

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