Income tax

294 views 1 replies

srikumar

audit staff

1203 Points Joined May 2013

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)

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

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?