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Capitalization dates

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(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?
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CA. Vineet Grover

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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
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R.V.RAO

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R.V.RAO (Expert)
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
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