Retrospective effect of Depreciation
This query is : Resolved
05 November 2009
If at the end of the current year the method of depreciation is changed and the change has a retrospective effect, will this retrospective effect apply to the sales and purchases made during the year and/or during the earlier years?
For example: An asset purchased in 2005. Additions made in 2006, 2007, and current year. During the year, part of the asset is sold. As on the last day of the year, the depreciation changes from SLM to WDV. Would you recalculate the depreciation of the asset sold till the date of it's sale and adjust it?
For example: An asset purchased in 2005. Additions made in 2006, 2007, and current year. During the year, part of the asset is sold. As on the last day of the year, the depreciation changes from SLM to WDV. Would you recalculate the depreciation of the asset sold till the date of it's sale and adjust it?
CA.Ramkrishna
(Expert)
07 November 2009
yes
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
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
