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Depreciation under companies act.

arun (ca student) (194 Points)

08 July 2008

Spoose we shows that our assets used more then 180 days in the income tax act, so can we claim depreciation less then 180days in companies act.

And is there is any boundation for the put to use period ( Has to claim depericiation even if it is not put to use after 6 months)

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8 Replies

Pooja Chopda (Practising Chartered Accountant) (931 Points)
Replied 08 July 2008

I did not understand ur 1st Ques. For 2nd one, its yes.

Paresh Agrawal (Articleship Training) (36 Points)
Replied 08 July 2008

Put to use does not imply it has to be actually be used.

Even if the asset is ready for its intended use then we can say that asset has been put to use and depreciation has to be calculated from the date of asset getting ready for its intended use

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 08 July 2008

dear,

depriciation as per companies act is calculated on daily basis and there is not any boundation for put the use of assets

thanks & regards

navin jain

1 Like

CA Rajesh S (Chartered Accountant) (1581 Points)
Replied 08 July 2008

as per co's act u depreciation for the no of days , and < 180 days or >180 days does not matter.It's for the acutal number of days.

(Guest)

Originally posted by :arun
"	Spoose we shows that our assets used more then 180 days in the income tax act, so can we claim depreciation less then 180days in companies act. And is there is any boundation for the put to use period ( Has to claim depericiation even if it is not put to use after 6 months)	"

WHAT IS THE DIFFERENCE BETWEEN COMPANEES ACT AND INCOME TAX ACT WHILE CALCULATING FOR DEPRICIATION

(Guest)

Originally posted by :arun
"	Spoose we shows that our assets used more then 180 days in the income tax act, so can we claim depreciation less then 180days in companies act. And is there is any boundation for the put to use period ( Has to claim depericiation even if it is not put to use after 6 months)	"

(Guest)

Originally posted by :arun
"	Spoose we shows that our assets used more then 180 days in the income tax act, so can we claim depreciation less then 180days in companies act. And is there is any boundation for the put to use period ( Has to claim depericiation even if it is not put to use after 6 months)	"

Rahul Agrawal (c.a) (32 Points)
Replied 17 May 2011

Originally posted by : CA Navin Jain
	dear, depriciation as per companies act is calculated on daily basis and there is not any boundation for put the use of assets thanks & regards navin jain

Dear Sir,

Would you please tell me section no. of company Act where the above has been said? There is some contrary matter in office and want some proof...Please provide me the proof