Depreciation on asset sold
This query is : Resolved
22 September 2013
Dear Experts,
Plz guide in case of depreciation on asset sold before & after 30th sept.
Plz guide in case of depreciation on asset sold before & after 30th sept.
22 September 2013
As per the IT AC depreciation on sold asset doesn't allowed and such value of sale shall be deducted from the WDV of the block as on the first day of year beginning and depreciation shall be calculated on such balance amount.
The asset sold at any time during the year the same treatment as above applicable.
In case if you charged any depreciation on such sold asset in your books then the above adjustment has to be make while computation of taxable income.
In case you asking about as per companies act then the depreciation in the books shall be charge upto date of sale as per the depreciation accounting policy following by the company as well as depreciation adjustment as per IT act shall be made at the time of preparation of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
The asset sold at any time during the year the same treatment as above applicable.
In case if you charged any depreciation on such sold asset in your books then the above adjustment has to be make while computation of taxable income.
In case you asking about as per companies act then the depreciation in the books shall be charge upto date of sale as per the depreciation accounting policy following by the company as well as depreciation adjustment as per IT act shall be made at the time of preparation of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
23 September 2013
Thanx a lot sir..
OM SAI SRI SAI JAI JAI SAI..
OM SAI SRI SAI JAI JAI SAI..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
