banner_ad

Depreciation in case of cash system of accounting

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 April 2012 In case the assessee is following cash system of accounting...then how depreciation will be calculated under Income Tax Act from the date of payment or from the date of put to use?

In case suppose advance is paid for fixed assets purchased in april and asset is put to use in october then at which rate depreciation will be calculated? Full rate or half rate...
Profile Image

jaiprakash Falor

Profile Image

jaiprakash Falor (Expert)
13 April 2012 Depreciation is allowed U/s 32 of the Income Tax Act, and the condition laid down under that section for claiming depreciation is asset should be owned either jointly or is a beneficial owner, the year in which the asset is put to use depreciation will be allowed irrespective of the method of accounting. Method of accounting is for the purpose of accounting purpose but depreciation can be claimed in the computation of income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details