Depreciation
This query is : Resolved
14 November 2013
WE, A PVT LTD MANUFACTURING CO. SOLD A MACHINE ON 22.10.13
MACHINE WAS PURCHASED ON 14.08.2008
CAN WE TAKE DEPRECIATION OF THE SAID MACHINE UPTO 21.10.13 OR UPTO 31.03.2013 ?
I THINK I CAN TAKE DEPRECIATION UP TO 31.03.13 AS IN THE CURRENT YEAR 2013-14 MACHINE IS SOLD OUT
PLEASE GUIDE MENTIONING CONFIRMATION IN CO. ACT & I.T. ACT BOTH
MACHINE WAS PURCHASED ON 14.08.2008
CAN WE TAKE DEPRECIATION OF THE SAID MACHINE UPTO 21.10.13 OR UPTO 31.03.2013 ?
I THINK I CAN TAKE DEPRECIATION UP TO 31.03.13 AS IN THE CURRENT YEAR 2013-14 MACHINE IS SOLD OUT
PLEASE GUIDE MENTIONING CONFIRMATION IN CO. ACT & I.T. ACT BOTH
15 November 2013
Dear shankar,
The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram
The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram
Message likes :
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15 November 2013
Dear shankar,
The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram
The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram
Message likes :
1 times
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