Depreciation on quarry
This query is : Resolved
06 January 2016
Hello,
Land in not a Depreciable assets that we know, but so far as Mining and Quarry industries are concern, they are going to loose that part of land after excavation. so can we take depreciation on the land used for mining or quarring?. if so at which rate? Because there is no provision in companies act regarding such.
Thanks in advance...
Regards,
Land in not a Depreciable assets that we know, but so far as Mining and Quarry industries are concern, they are going to loose that part of land after excavation. so can we take depreciation on the land used for mining or quarring?. if so at which rate? Because there is no provision in companies act regarding such.
Thanks in advance...
Regards,
07 January 2016
Yes there is no rate mentioned, however you can claim depreciation in the following method. You will have to take an estimate of the minerals or commodity available in the land and then apportion the value of the land towards howmuchever is mined during the year.
07 January 2016
Thanks.
But is there any chances of issues in income tax scrutiny?
Regards
But is there any chances of issues in income tax scrutiny?
Regards
07 January 2016
Thanks.
But is there any chances of issues in income tax scrutiny?
Regards
But is there any chances of issues in income tax scrutiny?
Regards
07 January 2016
You are claiming under companies act right.. Under income tax act I don't think u can claim that as expenditure.
07 January 2016
Ok Thank you very much sir.
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