- This topic has 4 replies, 2 voices, and was last updated 5 years ago by
.
-
Posts
-
sir if an asset is delivered on 5th of march but the payment for the asset is not made until the 5th of April, so are the allowances calculated for 1 month? or not calculated at all for that period on that asset?
also i am not sure about this, but do they have an option to claim a part of FYA, or it is like take all or leave all kind of policy?
When an asset is bought within the period does not impact on how much allowance is claimed in a period! CA are only time apportioned where the accounting period is other than 12 months!
This is most definitely stated in the lectures – I think you need to spend more time working through the lectures and making sure you have added the extra points into your notes.
As noted in answer to previous question – a restricted claim of ANY CA may be made by the taxpayerps. the CA claim is not based on whether the asset has been paid for or even delivered it is based on when the trader contracted to buy the asset.
Also see Study Notes chapter 5 section 2.2 which states the situation in which both AIA and WDA will be time apportioned but that FYA is never time apportioned
- You must be logged in to reply to this topic.