Depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2011
respected sir,
kindly guide me
we are a proprietory firm.
depriciation of rs 3.25 lac was not allowed us in computation of income due to subsidi in fy 2009-2010.
can we show the not allowed depriciation as capital incerased in fy 11-12?.because in fact profit is increased by 3.25 lac.
thanking you
kindly guide me
we are a proprietory firm.
depriciation of rs 3.25 lac was not allowed us in computation of income due to subsidi in fy 2009-2010.
can we show the not allowed depriciation as capital incerased in fy 11-12?.because in fact profit is increased by 3.25 lac.
thanking you
18 August 2011
No, absolutely no........subsidy received is a capital receipt. you should decrease value of your asset by subsidy amount.remaining amount will be eligible for depreciation.
No you can NOT show not allowed depreciation as capital increased. As per section 32 of I.T. Act,1961
No you can NOT show not allowed depreciation as capital increased. As per section 32 of I.T. Act,1961
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2011
thanking you
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