DEPRECIATION

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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)

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)

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)

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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