Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2016
In case of discontinued business, till when depreciation can be claimed either for full year if discontinued after six month or till the date of discontinuance?
Please suggest....thanks in advance.
Please suggest....thanks in advance.
CA SUNIL K GARG
(Expert)
19 July 2016
In case of depreciation as per income tax act, 1961 company can claim full year depreciation as income tax does not mention the condition of period of asset use. But in case of depreciation as per companies act, depreciation will be upto the date of asset used in business.
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