Depreciation in Co act Vs Tax

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anmol (Querist)
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03 October 2008 hello everybody

i have a basic question

Date from which the deprecition should be calculated either from the date of purchase of the asset or from the date the asset is put to use--

situation 1) under companies act?

situation 2) under income tax act?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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03 October 2008 under the companies act proportionately from the date the asset is put to use.
under incometax act full depreciation if installed before 30th September. If installed after 30th september 50% of normal depreciation.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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03 October 2008 As Per AS-10, Depreciation Is To Be provided from the date asset is "ready to use".
It May be put to use at a later date.

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CA V. Mohanakrishnan

CA V. Mohanakrishnan (Expert)
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03 October 2008 as per companies act when the asset is installed which is ready to use

under income tax based on which half year the asset was installed either full or 50% if after 30th September