21 June 2012
Pls guide me what effect will be there in the Income Tax Depreciation when there is change in the block of some assets in the CY as compared to PY... The assets were kept in wrong block in the PY..
There is no provision in Income tax act,1961 for change in block of assets. The assets which was put in wrong Block in the previous year needs to be corrected in the previous year only. You will have to file the revise return for the last year. Once the asset was put in the wrong block in the last year, it can not be changed to put it into appropiate block.
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