Fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2015 Actually in one of our part'sip firm fixed assets are shown in balance sheet in books record and same is not being reflected under income tax books on claim that not used for the business purpose is it the right treatment?

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2015 Not a correct treatment. However, from Income tax view point the same is revenue neutral

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2015 so what is the correct treatment as per your view????????

Amol S Joglekar

Amol S Joglekar (Expert)
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28 August 2015 In books of accounts, it is shown under fixed asset.
In income tax computation, the depreciation is not claimed on the same, as the same is not used for business purpose.
This would be the correct treatment.

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