Depreciation
This query is : Open
29 September 2017
If an asset is completely depreciated as per Companies Act, but it is still having written down value as per IT act in the financial year apropos. Can we still claim depreciation as per IT Act for the calculation of Taxable Income?
29 September 2017
Yes you can claim as per IT.....
29 September 2017
But the Asset doesn't exist. How come it is possible?
29 September 2017
You have to maintain two separate details of assets.
One as per books & other as per IT
29 September 2017
That depends upon many other Following Criteria as you might be knowing that income tax follow the block of asset concept:
1. does the asset exist?
2. do you have any other asset in that block?
3. Does the other asset in the same block still exists?
29 September 2017
What if I have only a single asset in the concerned block which is exhausted as per The CA 2013? Can't I claim dep
29 September 2017
You can claim for same.......
01 October 2017
Welcome........ My pleasure.......
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- GST Annual Returns filing due date
- Payable outstanding for years disallowance
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
