transaction date of fixed assets
This query is : Resolved
CA rahul grover
(Querist)
15 March 2008
I want to know about If any transaction may be recorded in the books beyond the bill date then what'll be effected in diffrent type of areas(like taxation,accounting standards)?like that i have purchased any type of fixed assets on 2.2.2007.but i have entered in the books in 31.12.2007.so does it applies any AS,AAS.& also effects in taxation.
MANAS ROUT
(Expert)
15 March 2008
mention your queries with the particular situtation or give your problem as example so that you can say the effect.
15 March 2008
OFCOURSE THIS IS NOT CORRECT AS PER ACCOUNTING STANDARD,SECONDLY IT WILL AFFECT THE DEPRICIATION UNDER THE COMPANIES ACT AND INCOME TAX ALSO.UNDER INCOME TAX IN F.Y 2006-07 NO DEPRICIATION WAS CHARGED AND IN THE YEAR 2007-08 ONLY 50% SHALL BE ALLOWABLE ,BEING LESS THAN 180 DAYS
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