Hi everyone i have one doubt regarding income tax
suppose when an assessee does interior decoration in his office which is related to his business whether it has to be added to furniture and should be shown as fixed assets or it has to be debited to profit and loss acccount as expense and when fixed asset schedule is prepared whether it has to be shown as addition in that block . please clarify.........
i think u cn show it as fixed asset as it gives benefit of enduring nature,so cn b capitalised,bt m not sure furniture or some other block
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Hi Rocky,
For tax purpose it has to be added to the Furniture block and can claim dep. on it. But for accounting point of view if assets are used for business purpose then only to be added to fixed assets head in balance shaat. But IT does not follow such distinction so to be added to furniture block.
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