DEPRECIATION ON REVALUED ASSETS AS PER INCOME TAX ACT

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1 Points Posted on 06 November 2020
If company is recording assets on revaluation model and depreciation is calculated on that assets as per companies act provisions, Can we claim the depreciation on revalued assets as per income tax act?
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On 06 November 2020 at 06:39 Report
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This discussion explores whether depreciation on assets recorded using the revaluation model can be claimed under the Income Tax Act. The consensus is no, as depreciation for tax purposes is typically calculated based on the Written Down Value (WDV) derived from the original cost or fair market value according to accounting standards, not the revalued amount.

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Accountant
3662 Points Posted on 06 November 2020
No.......
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On 06 November 2020 at 07:15
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Profession
28261 Points Posted on 06 November 2020
Depreciation is calculated on cost or fair market value as per norms of accounting standard.
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On 06 November 2020 at 08:57
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Profession
28261 Points Posted on 06 November 2020
From where the wdv has been derived.
WDV STANDS FOR WROTTEN DOWN VALUE.
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On 06 November 2020 at 16:10

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