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Maintenance of fixed assets register

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(Querist)
01 December 2013 Respected Experts,

Is there any provision for maintenance of Fixed assets register under income tax act.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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..... "
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So, if you can provide the required particulars of assets and depreciation thereon -in the case of a non-company assessee- it is sufficient.
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In case of a company your Auditor also takes care for the FAR and it is required to be maintained.
.
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Ajay Mishra

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Ajay Mishra (Expert)
01 December 2013 Agreed with Expert Opinion..........
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