While I understand depreciation on Land isn't charged, because there isn't any value in land which depreciates, per se.
However, what about agricultural land? I've now been long intrigued as to why agricultural land isn't depreciated? An agricultural land naturally becomes less fertile with time, and it's ability to grow vegetative plantations is also reduced drastically with time. If farmers don't use fertilizers, their agricultural output would reduce 1 year after another.
While I know that agricultural income is exempt from tax anyway. Logically speaking, shouldn't agricultural land be charged with depreciation?
CAclubindia
