Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2013
SIR,
IF IN CHARITABLE TRUST ACCOUNT ESTABLISHED IN 1999 NO DEPRECIATION OF FIXED ASSETS WERE TAKEN FROM THE BEGINNING CAN ONE TAKE DEPRECIATION IN THE PREVIOUS FY (2012-2013). IF YES THEN HOW THE BASE VALUE TO BE TAKEN ? PLEASE REPLY MY QUERY...
IF IN CHARITABLE TRUST ACCOUNT ESTABLISHED IN 1999 NO DEPRECIATION OF FIXED ASSETS WERE TAKEN FROM THE BEGINNING CAN ONE TAKE DEPRECIATION IN THE PREVIOUS FY (2012-2013). IF YES THEN HOW THE BASE VALUE TO BE TAKEN ? PLEASE REPLY MY QUERY...
17 June 2013
Under Income Tax, depreciation is allowed as if it were claimed. You cannot take it now.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2013
What to do now if depreciation is to be taken for 2012-2013 ?
18 June 2013
Take the WDV assuming that it was depreciated regularly under Income Tax Act.
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