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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- 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
Trending Online Classes
CAclubindia
