Deferment of Depreciation
This query is : Resolved
Quick Summary
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?
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?
30 March 2020
No, the depreciation cannot be deferred.
30 March 2020
Thanks.
Is there any provision under Company Law and IT Act to justify the same?
Is there any provision under Company Law and IT Act to justify the same?
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