Section 44ae-urgent
This query is : Resolved
28 October 2014
Hi Experts
Profit and loss account includes Truck income on presumptive basis u/s 44AE.My query is:-
1.Whether we can show the value of truck in Balance sheet with amount of depreciation,though it is not charged to P/L.
OR
It is wrong to show the value of Truck in B/S
Please clarify.
Best Regards
Ritesh
Profit and loss account includes Truck income on presumptive basis u/s 44AE.My query is:-
1.Whether we can show the value of truck in Balance sheet with amount of depreciation,though it is not charged to P/L.
OR
It is wrong to show the value of Truck in B/S
Please clarify.
Best Regards
Ritesh
28 October 2014
Depreciation is deemed to have been allowed as a deduction while computing income u/s 44AD or 44AE.
Accordingly you should show the truck at cost less depreciation.
Accordingly you should show the truck at cost less depreciation.
28 October 2014
Siddhartha Ji
Thanx for your prompt reply.So,as per your opinion Presumptive income(u/s44AE) to be credited to PL and the asset to be shown in the B/s.But I found some different opinion in this forum...that there is no need to take the asset in the B/s.
So which method should I follow?
Regards
Ritesh
Thanx for your prompt reply.So,as per your opinion Presumptive income(u/s44AE) to be credited to PL and the asset to be shown in the B/s.But I found some different opinion in this forum...that there is no need to take the asset in the B/s.
So which method should I follow?
Regards
Ritesh
19 November 2014
All assets are required to be shown in the Balance Sheet. So you should show the truck as an asset in the Balance Sheet.
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