Depreciation on Foreign asset

Others 608 views 3 replies
whether depreciation is allowed on foreign asset or plant and machinery ?
Replies (3)
Please elaborate its imperative.
individuals hv to provide a detailed and exhaustive details of the foreign assets held by them in schedule fa of the itr form .
You have to claim depreciation as per Indian Income tax act.
different assets hv different categories.
Since the residential status of the company is resident, the world income of the company would be taxable as per Indian I Tax..  

Hence while claiming depreciation it should be as per Indian IT act.

Even under the Indian co's act, depreciaton is charged as per the Co's act in the books while calculating the income under the IT act,

But depreciation is to be taken as per the I-T act only for tax computation.
---
Where in query ITR6 FA schedule asked ...? is this bonus. Great !!!!
If the assessee is resident and the assets held in foreign are used for business purposes then yes


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