19 May 2016
in financial statements of NTC we have charged depreciation at wdv basis on grant and non grant assets but we are represented both depreciation on income and expenditure a/c at both the sides like income side and expenditure side,why we have done like this please suggest I need very clearly and answer me as early as possible thanks in advance
19 May 2016
you are making cash basis accounting and depreciation not taking as expense, due to you show as fund application when you but the assets. then as per income tax you cannot claim depreciation on that assets.
CAclubindia
