After providing depriciation as per companies act. if value of asset becomes nil, then what will be effect of that asset as per income tax act and how to calculate depriciation as per income tax act for such property of whcih value becomes nil as per companies act
Menu
Depriciation and value of asset
Replies (1)
Depreciation under income tax act is governed by section 32 and even if an assets value becomes zero as per the provisions of companies act the same will be allowed depreciation as per income tax rules and section 32. Books of accounts accounting will not affect the depreciation allowable as per income tax act.
Recent Topics :
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
Related Topics :
CAclubindia
