30 March 2020
Considering the current situation of lockdown due to Covid-19, fixed assets purchased by the company will not be in use for a specific period of time (for 21 days as of now starting from 25th March'20.
Can we still claim depreciation in books as well as for tax purposes?
Or Can we defer the depreciation amount for the number of days during which the asset was not put in use.
Will the clause of obsolescence be applicable even during this phase?
CAclubindia
