Depreciation
This query is : Resolved
23 November 2010
If the asset is acquired in the starting of year and NOT USED for the full year. Is depreciation is allowable at the end of that year as per both Companies Act 1956 and Income Tax.
23 November 2010
If not out to use, you cannot claim depreciation.
23 November 2010
Depreciation can be made due to decline in value of asset,Obsolescence,technology upgradation like situation. Because an asset can be considered as used like standby powerunit, standby machinery. These assets may not be used during whole year, but kept ready to use as and when required by the business unit/factory. Depreciation can be provided for not used/unused/idle asset too.
23 November 2010
Depreciation in Income Tax will be allowed when asset is put to use. If Machinery has been acquired but not put to use, no depreciation will be allowed.
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
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- 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
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
