Depreciation on assets scrapped as on 31.03.2016

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Sayali Tukaram Gidye (Querist)
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16 August 2016 Company wants to discard its assets on 31.03.2016. Whether depreciation is allowed for whole year in this case or not?

Amol S Joglekar

Amol S Joglekar (Expert)
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16 August 2016 If the asset is discarded, where comes the question of depreciation?.... only the profit/loss on discarding the asset is to be accounted for

Sayali Tukaram Gidye

Sayali Tukaram Gidye (Querist)
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16 August 2016 Excel sheet which we use for Depreciation calculation as per New Companies Act , depreciation is calculated for whole year as depreciation is calculated on days basis under Companies Act. Hence this query was raised by client.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2016 Please dont be FORM driven, be SUBSTANCE driven.

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Sayali Tukaram Gidye

Sayali Tukaram Gidye (Querist)
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17 August 2016 Thank you for assistance.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2016 You are most welcome.

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Depreciation on assets scrapped as on 31.03.2016

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