Depreciation
This query is : Resolved
01 July 2009
If there is no activity in the business during the year. Depreciation should be provided or not in such year?
01 July 2009
Hi,
Depreciation is allowable only when it is used. If the business is not going on then no depreciation is allowable.
Depreciation is allowable only when it is used. If the business is not going on then no depreciation is allowable.
02 July 2009
As far as my understanding, depreciation should be provided even if business is not carried on.
There will be loss in value due to time factor, obsolescence and normal wear & tare.
In case the business is carried on by company, audit report will state going concern assumption is not held in previous year.
There will be loss in value due to time factor, obsolescence and normal wear & tare.
In case the business is carried on by company, audit report will state going concern assumption is not held in previous year.
02 July 2009
depreciation should be provided as explained by Amey
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