Non operating company
This query is : Resolved
17 September 2011
one of the unlisted public company is constructed his own building and plant & machinery for the financial year 2010-11 but the production is started at financial year 2011-12. what is the procedure for filing of income tax returns and what is the procedure for depreciation calculation for un completed building and plant & machinery .
17 September 2011
1) As per section 139(1) of the IT Act,1961 the company has to file the IT return for the FY 2010-11 irrespective of the fact that production is not commenced.
2) Since the building is not completed and production has not been started in FY 2010-11,the asset being not put into use, deprection need not be charged in the books of accounts and for tax purposes.
2) Since the building is not completed and production has not been started in FY 2010-11,the asset being not put into use, deprection need not be charged in the books of accounts and for tax purposes.
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