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Accounting of quarry

LIJO (ARTICLE) (60 Points)

19 June 2013

Dear all,

I am dealing with the accounts of a quarry . Since there is no purchase the accounts shows huge profit. Can i charge depletion of asset to P&L.

Is it allowed under Income Tax Act.

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3 Replies

MAHENDRA KANTILAL TITA (Account Executive) (131 Points)
Replied 19 June 2013

Originally posted by : LIJO
	Dear all, I am dealing with the accounts of a quarry . Since there is no purchase the accounts shows huge profit. Can i charge depletion of asset to P&L. Is it allowed under Income Tax Act.

Yes you can take depreciation on assets subject to it is use only for related business of which you are carring on.

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gautam (accountant) (33 Points)
Replied 10 October 2015

sir

if i paid firm electricity bill by cheque or cash than vaucher is compulsory ?

SRAVANI (ACCOUNTANT) (28 Points)
Replied 17 September 2016

Dear Sir

My friend IT return filed before 1 year for the A.Y 2013-14 (he has Refund) by an Auditor who in Chennai. That return was received and tranfered to AO of income tax department but not yet process. Any other notice not served by Department.

Now I found some mistakes in that return, i think that is the reason unable to process so i want to revise that return. Is it possible to reivise that return?