dear friends
I hv come across a problem that a co. had classified building in the Land head in Fixed asset and the depreciation had not been charged on the same last year. the amount was very big and the effect of tax was Rs. 3.5 lacs which was already deposited.
now in current year what is the remedy. whether i should revise the return for last year or in current year should i change the classification in building and charge dep. on the same. what should i comment in my audit report rg. this. what will be the effect of last year's depreciation amount on the same.
kindly reply the mail ASAP
thands & rgds
CA Rajesh khurana
CAclubindia
