Hi Sir or Madam
Good day
Could some one please advise
The basis to start depreciation on a particular fixed asset
is it Ready to use or Put to use
Request you to advise
1.As per companies Act
2.As per Income tax Act
Thanks in advance
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Depreciation Basis ready to use or Put to use
Replies (3)
Quick Summary
It is on the basis of asset being put to use..
1.As per companies Act - PUT TO USE (From the date of using the asset)
2.As per Income tax Act - READY TO USE (From the date of purchase of the asset)
2.As per Income tax Act - READY TO USE (From the date of purchase of the asset)
I have read advocates and laws, the day you open the seal and covers depreciation starts
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