Regarding depreciation charged on fixed asset
This query is : Resolved
06 June 2015
Dear Expert,
I have Some Fixed Asset which are less then 5% from its Original Cost but as per Companies Act 2013, The Asset Should have a Minimum Value Upto 5% of its Original Cost, then what sholud i do????????? pls suggest me i have to make Reversal Entry (Adjustment Entry) of Depreciation. And if Yes, then what treatment should i do in income tax.
I have Some Fixed Asset which are less then 5% from its Original Cost but as per Companies Act 2013, The Asset Should have a Minimum Value Upto 5% of its Original Cost, then what sholud i do????????? pls suggest me i have to make Reversal Entry (Adjustment Entry) of Depreciation. And if Yes, then what treatment should i do in income tax.
06 June 2015
No adjustment entry is required, as per companies Act 2013 the asset should not have minimum value more than 5%.
Less than 5% is acceptable.
Less than 5% is acceptable.
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Taxation in the hands of Landowner under JDA
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
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
