depreciation on unused assets
This query is : Resolved
04 January 2011
Asset (computer) which is not used for the entire previous year but it was used in earlier p.y and charged depreciation also to the p&l a/c
please tell me if we have not used above asset for the entire p.y is that depreciation to be charged for the p.y as per companies act 1956
thanks
please tell me if we have not used above asset for the entire p.y is that depreciation to be charged for the p.y as per companies act 1956
thanks
04 January 2011
Regarding the levy of depreciation, note 4 to schedule XIV of the companies act,1956 may be referred to. Since computer is not used even for a single day, it can said that,as per the referred note,the asset is discarded meaning thereby levy of depreciation is not required since pro rata basis can't be applied to, being kept idle for the entire year.
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Management System (IMS)
- Rental income gst and it purpose
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Is any professional CA is here please reply
- Putting a heading on received mail
- 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
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
