Depreciation as per company act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2015 Depreciation as per company act
whether while calculating depreciation as per company act sunday and other holiday shall be excluded to calculate depreciation on day basis,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 June 2015 No. It should not be excluded.

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2015 sir,
if assets bought during the previous year then how nany days shall be calculated and if assets purchased many year back then depreciation can be charged for 365 days

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 June 2015 Depreciation to be charged for No of days of year during which asset was in use.

Say asset was purchased and put to use on 01.03.2015 so in this case depreciation should be charged for 31 days.