Query related to depreciation
This query is : Resolved
24 August 2012
last year the company all asset are under wip and in current year the company's production has been started from july'11 and still buidling is under construction on31st march 2012 wip buidling converted into buidling. My query is now is it compulsory to provide depreciation on building or not in year 11-12
24 August 2012
Yes it is compulsory to claim depreciation under the Income Tax Act now.
24 August 2012
Confirm Put to Use of Building.
From That Year You Must Claim Depreciation Otherwise Next Year Depreciation is Allowed on Reduced Balance
From That Year You Must Claim Depreciation Otherwise Next Year Depreciation is Allowed on Reduced Balance
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