NON PROFIT ORGANIZATION
This query is : Resolved
JAMES APOORV
(Querist)
19 December 2019
what is the treatment of "' Addition to fixed assets and depreciation '' in a Non Profit Organization. kindly answer with the reference of Act or specific law.
Kamal Kant Mittal
(Expert)
04 January 2020
Firstly, you need to specify the nature of organisation that whether it is operated as company or trust. If operated as company, then it will be treated as section 8 company and need to comply with accounting standards and companies act, 2013 and accordingly, need to compute depreciation as per schedule II of companies act, 2013. If operated as trust, then it need to book depreciation as per income tax act, 1961.
Hope this clarifies.
regards
CA Kamal Kant
Hope this clarifies.
regards
CA Kamal Kant
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