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.
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