Maintenance of fixed assets register
This query is : Resolved
01 December 2013
Respected Experts,
Is there any provision for maintenance of Fixed assets register under income tax act.
Is there any provision for maintenance of Fixed assets register under income tax act.
01 December 2013
Like Companies Act, Income Tax Act has not prescribed directly for such register-
but indirectly it has been provided in Section 44AA that
.
" the assessee has to keep and maintain such books of account and other documents as may enable the AO to compute his total income..... "
.
So, if you can provide the required particulars of assets and depreciation thereon -in the case of a non-company assessee- it is sufficient.
.
In case of a company your Auditor also takes care for the FAR and it is required to be maintained.
.
but indirectly it has been provided in Section 44AA that
.
" the assessee has to keep and maintain such books of account and other documents as may enable the AO to compute his total income..... "
.
So, if you can provide the required particulars of assets and depreciation thereon -in the case of a non-company assessee- it is sufficient.
.
In case of a company your Auditor also takes care for the FAR and it is required to be maintained.
.
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01 December 2013
Agreed with Expert Opinion..........
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