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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Last year TDS Claim
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Long Term Service award taxability in hands of company
- Soyabean hsn code and gst rate
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- LTCG for Assmt year 26-27
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
