Asset was commissioned in 2012 but not accounted in books during Asset verification in 2014 asset was found as not accounted in books how treat the depreciation Options: 1) Calculating depreciation from 2012 to 2014 and charging it in current year 2) Charging depreciation in remaing life of the asset 3) Any other way.
07 August 2014
Calculate Deprecitaion since commissioning. Deprecitaion of period prior to FY 2013-14 to be shown as prior period expenses. From FY 2013-14 onwards show depreciation in usual way.
07 August 2014
how it is possible due to you have do something in this assets regard, like installation related exp. or other type exp. was done by the co. in related year.
now you can book the assets and after installation you can claim the deprecation. and in current year you can claim only current year deprecation as exp.
07 August 2014
Due lack of info part of asset not capitalised. Next It is not about claim in IT it is about application of AS-6 If ib book depreciation of py to cy as a recalculation will be allowed
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