if grant is rceived in Import of plant and machinery then depreciation should be claimed on cost less grant .
also in the books we should reduce it from the cost of the machinery.
Menu
DEPRECIATION on plant and machinery
Replies (3)
hi
in my opininon it should be reduced. tel me if u any other answer.
As per AS 12 grant should be reduced from assets value and depreciation calculated on this reduced value as per company law
As per Income tax act u/s 43 cost of aquisition shiould be reduced to the extent of grant and depreciation as per IT to be calculated on this amount.
it depends on nature of grant
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
