Depreciation in Co act Vs Tax
This query is : Resolved
03 October 2008
hello everybody
i have a basic question
Date from which the deprecition should be calculated either from the date of purchase of the asset or from the date the asset is put to use--
situation 1) under companies act?
situation 2) under income tax act?
i have a basic question
Date from which the deprecition should be calculated either from the date of purchase of the asset or from the date the asset is put to use--
situation 1) under companies act?
situation 2) under income tax act?
S.Srinivasaraghavan
(Expert)
03 October 2008
under the companies act proportionately from the date the asset is put to use.
under incometax act full depreciation if installed before 30th September. If installed after 30th september 50% of normal depreciation.
under incometax act full depreciation if installed before 30th September. If installed after 30th september 50% of normal depreciation.
CA Nitin Wadhwani
(Expert)
03 October 2008
As Per AS-10, Depreciation Is To Be provided from the date asset is "ready to use".
It May be put to use at a later date.
It May be put to use at a later date.
CA V. Mohanakrishnan
(Expert)
03 October 2008
as per companies act when the asset is installed which is ready to use
under income tax based on which half year the asset was installed either full or 50% if after 30th September
under income tax based on which half year the asset was installed either full or 50% if after 30th September
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Oct 2025 Invoices
- MSME disclosure and disallowance
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
