Opening balance of fixed assets
This query is : Resolved
22 August 2013
If A buy the Bike in Fy 11-12 with borrowing bank loan but he was not liable to file to IT Return for the same year. But in FY 12-13 he is liable to file IT Return.
Buying Cost is Rs 50,000/- in FY 11-12. So which Opening balance I have to considered for Accounting for Return.
Shall I considered the Depreciation as per provision of IT for FY 11-12.
As per my knowledge if A buy the bike after Sep-11 then its depreciation will 50000*15%/2 i.e. 3750/-.
Kindly suggest whether it fine or not?
Buying Cost is Rs 50,000/- in FY 11-12. So which Opening balance I have to considered for Accounting for Return.
Shall I considered the Depreciation as per provision of IT for FY 11-12.
As per my knowledge if A buy the bike after Sep-11 then its depreciation will 50000*15%/2 i.e. 3750/-.
Kindly suggest whether it fine or not?
06 June 2014
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