Fixed Assets
This query is : Resolved
20 June 2009
Can Fixed Assets can be in Negative in the Fixed Assets Schedule after charging Depreciation as per Income tax Act 1961.?
CA.SHAHZAD SAYYED
(Expert)
20 June 2009
Never, it may be nil but not negative
at last you have to take maximum depreciation equal to closing WDV
at last you have to take maximum depreciation equal to closing WDV
CA Nitin Wadhwani
(Expert)
20 June 2009
The block can be negative when sales value of assets sold is more than existing block, but after charging depreciation it cannot be negative at all.
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