Calculation of depreciation
This query is : Resolved
29 October 2013
Dear sir,
The Depreciation calculated from the date of Put use or from the date of Installation.
If in case your answer is Put use means
Ex:Asset Purchased on 1-Jan-2013 and They are not used up to date 30-Sep-2013. Then In the balance sheet the company has to take dep in the F.Y.12-13
Please Tell me as per Income tax act and Company law if any difference is there
The Depreciation calculated from the date of Put use or from the date of Installation.
If in case your answer is Put use means
Ex:Asset Purchased on 1-Jan-2013 and They are not used up to date 30-Sep-2013. Then In the balance sheet the company has to take dep in the F.Y.12-13
Please Tell me as per Income tax act and Company law if any difference is there
29 October 2013
As per IT Act, Depreciation will be calculated from the date of Put to use. '
In Companies Act, No concept of Put to use, but practically same concept is followed by the companies. .
In this case you have to show this assets in Capital Work in progess on 31st March 2013 B/s , In next year dep is to be claimed
In Companies Act, No concept of Put to use, but practically same concept is followed by the companies. .
In this case you have to show this assets in Capital Work in progess on 31st March 2013 B/s , In next year dep is to be claimed
30 October 2013
but the asset is ready to use all installation is over then...
If your answer is put to use means if asset purchased in jan and march end the same asset value will not same
if any case the asset is not used tow more years then the value should not be same sir
If your answer is put to use means if asset purchased in jan and march end the same asset value will not same
if any case the asset is not used tow more years then the value should not be same sir
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