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Eiman

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Active 9 years ago
  • Topics: 2
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  • December 4, 2015 at 1:45 pm #287524
    mysteryEiman
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    Sir, i have a confusion here. If the asset purchased on last day of previous year. So we write asset amount at year 0 . Okay. Then if the rule is mentioned that the tax will be in arrears. Means 1 year delay. So then we will take first tax saving on capital allowance in year 1 but the tax payment will be written in year 2 cause of 1 year delay rule is mentioned. So inshort, tax payment will not come in year 1 but the tax savings will be taken.
    Am i right?

    November 24, 2015 at 3:18 am #284816
    mysteryEiman
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    Thankyou so much sir for explaining so well. One more thing i want to ask. Sir if company bought asset at start of year 1 but the commencement of sale is in year 3. And tax rule is same year tax rule mentioned in question. So now tell me from when we will take capital allowances? I want to know that whether we take capital allowances from year 1 (when asset purchased) or start in year 3 when the sales (taxable profits) have commenced ? I think that we write capital allowances from year 3 because the sale has been started in year 3 and taxable profits appeared in that year3

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