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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
Replies (3)
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Accountant
3662 Points Posted on 06 November 2020
No.......
9 Reply
On 06 November 2020 at 07:15
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Profession Business
28207 Points Posted on 06 November 2020
Depreciation is calculated on cost or fair market value as per norms of accounting standard.
44 Reply
On 06 November 2020 at 08:57
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Profession Business
28207 Points Posted on 06 November 2020
From where the wdv has been derived.
WDV STANDS FOR WROTTEN DOWN VALUE.
44 Reply
On 06 November 2020 at 16:10


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