When books of accounts are maintained on receipt basis of accounting is there any necessary to pass depreciation entries?
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Receipt basis of accounting
Replies (4)
Yes it is necessary to pass Depreciation entries
agreee.........
YES
As per company law u cnt maintain ur books of accounts on cash basis and depreciation specified by compnany law are minimum.
But in case of other assessee even if u does not claim depreciation in books of accounts u need to charge depreciation for computing PGBP income as per IT laws
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