Sale of Assets
Vipul Acharya (Account Officer) (652 Points)
12 October 2019
Whether Depreciation on the sale of Asset to be calculated as per companies Act or Income Tax Act
3 Replies
Jayesh Kumar
(24 Points)
Replied 12 October 2019
No depreciation can be claimed during the previous year if the asset is sold
sabyasachi mukherjee
(27730 Points)
Replied 12 October 2019
No depreciation can be claimed if the asset is sold at tge beginning of the year but proportionate claim can be made.
Kapadia Pravin
(17264 Points)
Replied 17 October 2019
@ Vipul
In the books of Account if you are following rates as per Companies Act then you can continue with that
But for tax purposes you have seperately prepare and maintain depreciation working as per iTax Act.
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Sabyasachi , what meaning - proportionate claim ?? Which section ??? very important to know .
In the books of Account if you are following rates as per Companies Act then you can continue with that
But for tax purposes you have seperately prepare and maintain depreciation working as per iTax Act.
--------
Sabyasachi , what meaning - proportionate claim ?? Which section ??? very important to know .
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