Depreciation in case of cash system of accounting
This query is : Resolved
Querist : Anonymous
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...
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...
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.
Message likes :
1 times
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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
