transaction date of fixed assets

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CA rahul grover (Querist)
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15 March 2008 I want to know about If any transaction may be recorded in the books beyond the bill date then what'll be effected in diffrent type of areas(like taxation,accounting standards)?like that i have purchased any type of fixed assets on 2.2.2007.but i have entered in the books in 31.12.2007.so does it applies any AS,AAS.& also effects in taxation.

MANAS ROUT

MANAS ROUT (Expert)
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15 March 2008 mention your queries with the particular situtation or give your problem as example so that you can say the effect.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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15 March 2008 OFCOURSE THIS IS NOT CORRECT AS PER ACCOUNTING STANDARD,SECONDLY IT WILL AFFECT THE DEPRICIATION UNDER THE COMPANIES ACT AND INCOME TAX ALSO.UNDER INCOME TAX IN F.Y 2006-07 NO DEPRICIATION WAS CHARGED AND IN THE YEAR 2007-08 ONLY 50% SHALL BE ALLOWABLE ,BEING LESS THAN 180 DAYS

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