depreciation

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
10 September 2010 pls solve my query. company "A" purchased a computer in 2008-09 for Rs 40000 and booked the same as furniture and fixture and depreciation has been charged @10% in 2008-09 i.e Rs 4000. same did not come in the notice of tax auditor and statutory auditor. in 2009-10 company transfereed Rs 36000/- (40000-4000)from furniture & fixture to computer. my query is that actully dep on computer should be Rs 33600(2008-09 rs 24000, 2009-10 Rs 9600) and wdv as on 31.03.2010 should be 6400/- while now its wdv is Rs 14400/-(dep 2008-09 rs 4000in furniture and 2009-10 Rs 21600/- ) how same should be reflected in this year tax audit report.

11 September 2010 Dear

Depreciation in 2009-10 would be charged @60%. No need to do it from back date. i.e. 2008-09.

If you want to do it either you need to revise the return filed in Previous Year.


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
11 September 2010 why not 60% . as tax auditor whether i need to make comment in tax audit report of 2009-10?


11 September 2010 Dear

Yes it is 60%.

You may give a comment in the schedule of dep attached regarding shifting of computer.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
11 September 2010 is there no need to comment on depereciation less charged as wdv actually si less than as shown in the dep chart?.

12 September 2010 Yes, we need to make a note in the Depreciation chart for the purpose of explanation.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries