Depreciation for Machinery
This query is : Resolved
28 May 2010
Machinery was purchased in April and it was returned back to vendor in december , whether for this depreciation has to be calculated
28 May 2010
NO.
28 May 2010
Depreciation is available only if the asset has been put to use. If you have used the machinery for your business, then only the you are eligible to claim depreciation.
28 May 2010
AGREED WITH MR. RAHUL.
IF MACHINE IS PUT TO USE , THEN YOU WILL BE ELIGIBLE TO CLAIM DEPRECIATION AS PER COMPANY ACT.
BUT AS PER INCOME TAX , NO DEPRECIATION WILL BE MADE, IF ASSET IS SOLD DURING THE SAME YEAR IN WHIHC IT IS PURCHASED.
IF MACHINE IS PUT TO USE , THEN YOU WILL BE ELIGIBLE TO CLAIM DEPRECIATION AS PER COMPANY ACT.
BUT AS PER INCOME TAX , NO DEPRECIATION WILL BE MADE, IF ASSET IS SOLD DURING THE SAME YEAR IN WHIHC IT IS PURCHASED.
28 May 2010
AGREE. MY ANSWER WAS FROM IT POINT OF VIEW.
THANKS ALL FOR ELABORATION.
THANKS ALL FOR ELABORATION.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST Registration Horse racing
- Small dealers gst returns filing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
