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Opening balance of fixed assets

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23 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?

Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=685919
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 August 2013 It is fine enough.
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