depreciation
This query is : Resolved
01 October 2009
i have purchased ( imported ) micro oven 500 numbers for use in our company and used only 250 numbers but balance of 250 is not going to put into use and we will not use henceforth.
can i claim depreciation on that and what is the effect on both under companies act and income tax act
can i claim depreciation on that and what is the effect on both under companies act and income tax act
01 October 2009
In Income Tax Act, Depreciation can be claimed only if the assets have been put into use during the F.Y. at half the normal rate or full rate depending upon no. of days asset was used.If used less than 180 days then half the normal rate otherwise full rate.
However under Schedule XIV to the Companies Act 1956, depreciation can be claimed on the basis of no. of days the asset has been used.I mean if used even for 10 days, u can claim depr for 10 days only.
regards,
Manish
However under Schedule XIV to the Companies Act 1956, depreciation can be claimed on the basis of no. of days the asset has been used.I mean if used even for 10 days, u can claim depr for 10 days only.
regards,
Manish
Message likes :
1 times
01 October 2009
AGree with versed Manish Sir
01 October 2009
agree with experts
02 October 2009
my another query is regarding the unused items. is it eligible for dep?
both as per companies act and income tax act
both as per companies act and income tax act
03 October 2009
Under Section 32 of IT Act 1962 u can claim dep of the machine which is in use.
03 October 2009
Excuse me you are an expert and writing Income Tax Act 1962 instead of 1961..
I have duly clarified the doubts.
Dont you agree with me?
I have duly clarified the doubts.
Dont you agree with me?
Message likes :
1 times
05 October 2009
Good one Manish Sir !!
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