DEPRECIATION

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 TO CLAIM DEPRECIATION, WHICH CONDITION TO BE SATISFIED? " READY TO USE" OR " PUT TO USE"...
AND ANY DIFFERENCE IS THERE IN I.T ACT AND COMPANY ACT REGARDING DEPRECIATION???

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 October 2010 for Income tax put to use.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 Thank u sir..What about companies act?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 October 2010 If the asset is in WIP then no deprecaition to be charged. If in fixed assets then to be charged.

ANd u can also thank by using thank user icon.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 thank u sir

Hemu Kapoor

Hemu Kapoor (Expert)
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01 October 2010 In my opinion if the asset is once put to use & then not used ,then too depreciation is allowable & hence even it the asset is in ready to use condition after using it once.

Depreciation is allowable.

Regards.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 Thank u sir

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2010 THANKS TO ALL EXPERTS

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