22 April 2009
one client has came with me who is running mangal karalaya, he has not provided the depriciation on fixed assets since 5 years but now he wants to provide what you would suggest
22 April 2009
Under Income tax act, even if depreciation not provided on FA, it is deemed to have been provided and WDV is calculated accordingly. You should take the effect of such unbooked depreciation into the books and adjust the fixed assets accordingly.
CAclubindia
