Capitalization dates
This query is : Resolved
08 April 2008
What are the consequences if there are differences in capitalization date and starting date of depreciation?
Is it non compliance of Statutory requirements?
Is it non compliance of Statutory requirements?
08 April 2008
Hi Ritesh,
Capitalization date shall be the date the asset is put to use. The date of charging depreciaiton may be reckoned from the date of purchase of asset as per books of account and from the date of put to use as per Income tax act.
Rgds/
Vineet
Capitalization date shall be the date the asset is put to use. The date of charging depreciaiton may be reckoned from the date of purchase of asset as per books of account and from the date of put to use as per Income tax act.
Rgds/
Vineet
08 April 2008
TO AVOID SUCH CONFUSION AND FUTURE PROBLEMS, ALWAYS A CERTIFICATE OF DATE OF COMMSSIONING OF AN ASSET IS OBTAINED FROM END USER DEPT AND KEPT ON RECORD .
THIS WILL HELP TO CONVINCE THE ASSESSING OFFFICER OR AUDITOR .
R.V.RAO
THIS WILL HELP TO CONVINCE THE ASSESSING OFFFICER OR AUDITOR .
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
