I am currently indluge in audit of a NGO. My querry is just to know whether the fixed assets of NGO are eligible for depreciation.
Thanks Regards
Mohtashim Ahmed
Articled Assistant
MOHTASHIM AHMED (ARTICLED ASSISTANT) (31 Points)
30 May 2013I am currently indluge in audit of a NGO. My querry is just to know whether the fixed assets of NGO are eligible for depreciation.
Thanks Regards
Mohtashim Ahmed
Articled Assistant
CA SANKET GARG
(Sanket Garg & Company )
(838 Points)
Replied 01 June 2013
Yes as per Income Tax Act Fixed Assets of NGO are also depreciable.
MOHTASHIM AHMED
(ARTICLED ASSISTANT)
(31 Points)
Replied 15 April 2014