Is charging depreciation on fixed assets is mandatory?
7 Replies
vikram
(student)
(31 Points)
Replied 10 December 2015
No.., but provision for depreciation is Helpful for purchasing new asset when life of asset is expired
vikram
(student)
(31 Points)
Replied 10 December 2015
No.., but provision for depreciation is Helpful for purchasing new asset when life of asset is expired
vikram
(student)
(31 Points)
Replied 10 December 2015
No.., but provision for depreciation is Helpful for purchasing new asset when life of asset is expired
Mahesh Rajput
(Student)
(19 Points)
Replied 10 December 2015
for income tax it is compulsory pursuant to section 32 of the said. however in company act it is nowhere mentioned whether it is compulsory or recommendatory
CA YOGESH HARJAI
(Tax Advisor)
(127 Points)
Replied 11 December 2015
Yes it is mandatory to claim depreciation as per income tax act
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