Depreciation on fixed of school run by society

572 views
User Avatar

article assistant
500 Points Posted on 01 October 2020
should I provide depreciation on fixed assets of school
0 Reply Share Follow
On 01 October 2020 at 23:54 Report
Replies (2)
Quick Summary
This discussion clarifies whether schools run by societies need to account for depreciation on their fixed assets. While exemptions under sections 11 and 12 might seem applicable, IT law generally mandates depreciation allowances for each year. Therefore, providing depreciation is typically required.

User Avatar

Practice
3235 Points Posted on 02 October 2020
If taking exemption under section 11 and 12 then not
1 Reply
On 02 October 2020 at 09:16
User Avatar

Team Lead
7558 Points Posted on 03 October 2020
Yes you need to provide, as IT law provides the same for compulsory depreciation allowance for each year.
Reply
On 03 October 2020 at 00:58

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Gross total income
  2. Export Compliance
  3. Sale of plots in open land
  4. Income tax query
  5. Best CA Inter coaching in laxmi nagar
  6. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  7. Unregistered Association of Persons (AOP) Agreemen
  8. Intimation u/s 245 of income tax act
  9. Ewaybill query
  10. IDS Refund: GSTR-2B Invoice Not Validated in State

More recent discussions | Post

Related Topics :

Loading