fixed assets not disclose
This query is : Resolved
26 March 2018
my client purchase land approximately 20 year before and land not disclose in income tax return now he want to disclose land in Balance sheet, please suggest me entry and tax treatments of disclose
29 March 2018
Since land is not subjected to depreciation, there is no requirement to provide depreciation and thus the retrospective effect. It can be shown in the Balance Sheet by ascertaining the market value and enhancing the capital
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