CA Day celebration 2024 Easy Office
LCI Learning

Depreciation

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 February 2009 When we should start charging depreciation on newly purchased assests?

plz answer with reason.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
13 February 2009 Conditions are:-
1) the assets should be owned, wholly or partly, by the assessee and
2) the assets should be actually used for the purpose of the assessee's business or profession.
3) pl refer section 32(1) for a detailed study.
Profile Image

CA Abhishek Bagaria

Profile Image

CA Abhishek Bagaria (Expert)
13 February 2009 Only after the asset is put to use.

Refer Sec.-32 of the income tax act.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CA Day celebration 2024 with Tally CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links