Depreciation

DEPRECIATION IS CHARGED ON THE ASSET PUT TO USE FOR P & M & FOR OTHER ON DATE OF PURCHASE

Hi  Indhumathi

Depreciation is calculated on the value of assets (as per companies Act/AS) or on the value of block of assets (as per income tax)..

LIFO/FIFO is valuation method of stock. So it is not relevant for depreciation calculation.

Depreciation is allowed to a prtnership as per Income Tax Act 1961 section 32 which gives the benefit from the date of acquisition and put to use.

Originally posted by : Sanat kumar
	Hi  Indhumathi Depreciation is calculated on the value of assets (as per companies Act/AS) or on the value of block of assets (as per income tax).. LIFO/FIFO is valuation method of stock. So it is not relevant for depreciation calculation.

yes agree with Sanath

Originally posted by : Sanat kumar
	Hi  Indhumathi Depreciation is calculated on the value of assets (as per companies Act/AS) or on the value of block of assets (as per income tax).. LIFO/FIFO is valuation method of stock. So it is not relevant for depreciation calculation.

 agreed

Hi friends thanks for replying. Please calculate deprication in the follwoing case

hi .........depriciation is a charge on fixed assets and lifo fifo methods are used for the valuation of stock  (as per AS)