Taking fixed asset under which block of asset
This query is : Resolved
Sarthak Abhyankar
(Querist)
16 February 2013
Sir,
At the time of recording Adversiting business accounting i have recoreded Erection of Hoarding under Fixed Asset on which i have charged depreciation @25% But problem is that while filling ITR4 Depreciation @25% is available under Intangible Asset (Block of Asset)
Can i choose this block for recording depreciation??
Please Help
Thanks
At the time of recording Adversiting business accounting i have recoreded Erection of Hoarding under Fixed Asset on which i have charged depreciation @25% But problem is that while filling ITR4 Depreciation @25% is available under Intangible Asset (Block of Asset)
Can i choose this block for recording depreciation??
Please Help
Thanks
CA Parul Saxena
(Expert)
16 February 2013
Just for availing the same rate you can not change the nature of status....how can you treat erection as intangible asset?...
Sarthak Abhyankar
(Querist)
16 February 2013
Sir,
Then what can i do ? At what rate i can charged depreciation on Erection of Hoardings??
Please Help
Thanks
Then what can i do ? At what rate i can charged depreciation on Erection of Hoardings??
Please Help
Thanks
CA Parul Saxena
(Expert)
16 February 2013
But why have you capitalized erection of hoardings.....if there is genuine reason of capitalizing it then you may use rate prescribed for machinery i.e.15%.
Sarthak Abhyankar
(Querist)
16 February 2013
ok
thanks
thanks
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