I have a query regarding Depreciation on fixed assets. There is HUF whose business loss without providing for depreciation is Rs.841978.00. So shall i provide for current year depreciation on fixed assets @ 15% on car? or Shall i Show A loss of Rs.841978. There is also income from other sources of Rs.9592.00. Deprecition to be provided is Rs.843051. Plz reply
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Depreciation
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| Originally posted by : Rajani | ||
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I have a query regarding Depreciation on fixed assets. There is HUF whose business loss without providing for depreciation is Rs.841978.00. So shall i provide for current year depreciation on fixed assets @ 15% on car? or Shall i Show A loss of Rs.841978. There is also income from other sources of Rs.9592.00. Deprecition to be provided is Rs.843051. Plz reply |
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Yes, you have to provide depreciation also.
Actual business Loss = 841978
add; Depreciation = 15% of value of car
Less: Income from other sources = 9592
then net loss will be available
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