Depreciation under SLM
This query is : Resolved
17 February 2009
Sir,
One of our Clients’ is using Straight Line Method of Depreciation as per Companies Law. This is the second year of their business. They have debited a portion of the asset with a certain sum of money and we are treating it as deletion. Now, how should we calculate depreciation for the deleted asset under SLM ?
One of our Clients’ is using Straight Line Method of Depreciation as per Companies Law. This is the second year of their business. They have debited a portion of the asset with a certain sum of money and we are treating it as deletion. Now, how should we calculate depreciation for the deleted asset under SLM ?
17 February 2009
If assets is sold / descarded then only one can debit the assets account with accumulated depreciation and with sale price. Differece to be treated as profit / Loss.
However one has to calculated depreciation up to date of asset sold / descarded for the said financial year.
However one has to calculated depreciation up to date of asset sold / descarded for the said financial 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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
