Deprecation
This query is : Resolved
GURI SINGH
(Querist)
29 April 2014
A company is following deprecation methods as laid down in income tax act. it is there accounting policy from last so many years. In FY 2013-14 they had purchased computers on 31/03/2014 and has charged deprecation for half year as per Income Tax rules.whether treatment done by the company is acceptable as per AS 6 ?
Nikhil Kaushik
(Expert)
29 April 2014
no... the policy followed by the company is wrong. you are required to provide depreciation only for actual days used under companies act.
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