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Income tax
dear sir
my client has purchased assets before 3 or 5 year, but now it has accounted ay 2013-14. my question is assets is directly credit to individual capital account & also account for balance sheet fixed assets side.
its correct or wrong? pls help this queries
Replies (1)
Dear srikumar,
just depriciate it for three year( incase purchased three ago) and take it in your a/c. For eg. If asset is of 50000 (say machine) then depriciatr @ 15% for three year to come on the actual amount. I hope answer is clear?
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