Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2009 which date is relevant for calculation of depreciation - Acquisition date or Installation date or put to use date

Bishwajeet

Bishwajeet (Expert)
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05 November 2009 A noncash expense that reduces the value of an asset as a result of wear and tear, age, or obsolescence. Most assets lose their value over time (in other words, they depreciate), and must be replaced once the end of their useful life is reached. There are several accounting methods that are used in order to write off an asset's depreciation cost over the period of its useful life. Because it is a non-cash expense, depreciation( after Installation)

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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05 November 2009 even if the asset is not used still depreciation is to be provided.

Gokul

Gokul (Expert)
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05 November 2009 Ms. Gandhi can u pls. tell me what are the provisions on section 32 of Income Tax Act 1961 regarding depreciation n also thats of in Company Act 1956

Gokul

Gokul (Expert)
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05 November 2009 Ms. Gandhi can u pls. tell me what are the provisions on section 32 of Income Tax Act 1961 regarding depreciation n also thats of in Company Act 1956

Guest

Guest (Expert)

09 November 2009 As Per IT = Put to use

But As per Companies Act one can use
Date of installation.