About Depreciation : IMP
This query is : Resolved
30 August 2009
Hello,
Suppose a partnership firm is taken over by a private limited company on 14.07.2008. In that Case
1) Can partnership firm charge depreciation for 6 months as per income tax act OR up to 14.07.2008 only.
2) As for company companies act is applicabe Can company charge depreciation on assets from 14.07.2008 to 31.03.2008 as per companies act, daily basis.
3) while computing allowable depreciation for company as per income tax act, Can copmany take depreciation for full year as company had purchased/ taken over assets more than 180 days.
4) Is this is a double depreciation for partnership firm as well as for company from 01.04.2008 to 30.09.2008
Suppose a partnership firm is taken over by a private limited company on 14.07.2008. In that Case
1) Can partnership firm charge depreciation for 6 months as per income tax act OR up to 14.07.2008 only.
2) As for company companies act is applicabe Can company charge depreciation on assets from 14.07.2008 to 31.03.2008 as per companies act, daily basis.
3) while computing allowable depreciation for company as per income tax act, Can copmany take depreciation for full year as company had purchased/ taken over assets more than 180 days.
4) Is this is a double depreciation for partnership firm as well as for company from 01.04.2008 to 30.09.2008
30 August 2009
if partnership firm is converted into company than all the provision related to company will applicable
30 August 2009
1) 6 MONTHS
2) YES
3) YES
4) YES, BUT IN FACT THERE IS NO DOUBLE , THE FIRM WILL HAVE TO PAY TAX ON REDUCED WDV AND TAKE OVER PRICE
2) YES
3) YES
4) YES, BUT IN FACT THERE IS NO DOUBLE , THE FIRM WILL HAVE TO PAY TAX ON REDUCED WDV AND TAKE OVER PRICE
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
