If an entity's WIP has turned into Fixed Asset 2 years ago, but they failed to recognise in that year. They have capitalised it in current year. If the life of asset is 20 years, will it be fair to record the life of asset as 18 years from the current year onwards ?
Menu
Life of Capital Asset
Replies (1)
Yes , in my opinion it should be 18 years ,if asset was utilised for last two years for business purposes and depreciation calculation.
Recent Topics :
- Clarification on September 2026 PF Calculation for
- 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
Related Topics :
CAclubindia
