A Private Ltd company engaged in the bussiness of growing rubber plants( Rubber Estate), is failed to depreciate the bearer plants for years.Can the company can depreciate the whole amount depreciation of previous years in the current financial, if so how to deprciate. Also suggest the rate of depreciation.
1 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 26 December 2020
Accounting standard wise, it is possible to depreciate the whole amount, but I’m not sure about the implications in tax acts of depreciation. Only IndAS is applicable and not AS
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