Schedule 2 doubt
This query is : Resolved
28 June 2015
"Depreciation is the systematic allocation of the depreciable amount of an asset over its
useful life. The depreciable amount of an asset is the cost of an asset or other amount
substituted for cost, less its residual value. The useful life of an asset is the period over
which an asset is expected to be available for use by an entity, or the number of production
or similar units expected to be obtained from the asset by the entity."
on above defination is "systematic allocation of the depreciable amount of an asset over its useful life" means we can use slv and wdv method for depriciation.
and "cost of an asset or other amount substituted for cost" means if asset is revalued can we use that amount substitued for cost
useful life. The depreciable amount of an asset is the cost of an asset or other amount
substituted for cost, less its residual value. The useful life of an asset is the period over
which an asset is expected to be available for use by an entity, or the number of production
or similar units expected to be obtained from the asset by the entity."
on above defination is "systematic allocation of the depreciable amount of an asset over its useful life" means we can use slv and wdv method for depriciation.
and "cost of an asset or other amount substituted for cost" means if asset is revalued can we use that amount substitued for cost
29 June 2015
1. SLM or WDV is allowed.
2. Revalued amount can be substituted for cost.
2. Revalued amount can be substituted for cost.
Message likes :
1 times
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Negative ITC in Table 4(A)(5)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
