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)
Follow

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)
Follow

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.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 thank u sir

Hemu Kapoor

Hemu Kapoor (Expert)
Follow

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.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2010 Thank u sir

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2010 THANKS TO ALL EXPERTS

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok