It dep vs co dep
This query is : Resolved
Guest
Guest
(Querist)
14 December 2012
As per Company Depreciation, my block of assets is completely wiped off in a particular year. However, as per Income Tax depreciation, the block still has some balance. In this situation,
1) should I consider depreciation as per IT Act on the balance as per IT Depreciation Schedule; or
2)should I "NOT consider" any depreciation at all since the asset do not exist in reality; or
3)should I take depreciation as equal to balance available in IT schedule and make the block equal to zero ?
What is the correct treatment & why? Where can I find reference on this issue ? Kindly advice.
1) should I consider depreciation as per IT Act on the balance as per IT Depreciation Schedule; or
2)should I "NOT consider" any depreciation at all since the asset do not exist in reality; or
3)should I take depreciation as equal to balance available in IT schedule and make the block equal to zero ?
What is the correct treatment & why? Where can I find reference on this issue ? Kindly advice.
CA VISHNU GAVKARE
(Expert)
16 December 2012
for IT take seperate depreciation and in books take no depreciation
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