Please Help: income tax
Posted Date : 23-Jan-2015 , 04:09:57 pm | Posted By Aashima
can we include livestock in fixed assets for dairy farm? if yes what is accounting treatment
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 182
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ANURADHA AGRAWAL
24-Jan-2015 , 01:32:31 amDear aashima, It should be understood that accounting and taxation are different. For accounting Livestock should be treated as fixed asset. however in case of taxation depreciation is not allowed and it is fully allowed when the livestock dies of no more useful.