Capitalization dates
This query is : Resolved
ritesh kanodia
(Querist)
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?
CA. Vineet Grover
(Expert)
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
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