Fixed Assets w/off whether allowed exp. under Income tax,
This query is : Resolved
08 September 2008
Hi Dear all
I want to know whether Fixed assets w/off is allowable exp. under the income tax act or not.
Where gross block of assets still exist but sum assets are being w/off due to closure of particular units of the co.
Thanks & Best Regards
Gopaal
RSH
I want to know whether Fixed assets w/off is allowable exp. under the income tax act or not.
Where gross block of assets still exist but sum assets are being w/off due to closure of particular units of the co.
Thanks & Best Regards
Gopaal
RSH
29 September 2008
No, Fixed assets w.off will be added back to Income Tax Profits. It will be treated as Deprecitaion provided in Books of Accounts.
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