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Depreciation

This query is : Resolved 

14 November 2013 WE, A PVT LTD MANUFACTURING CO. SOLD A MACHINE ON 22.10.13

MACHINE WAS PURCHASED ON 14.08.2008

CAN WE TAKE DEPRECIATION OF THE SAID MACHINE UPTO 21.10.13 OR UPTO 31.03.2013 ?

I THINK I CAN TAKE DEPRECIATION UP TO 31.03.13 AS IN THE CURRENT YEAR 2013-14 MACHINE IS SOLD OUT

PLEASE GUIDE MENTIONING CONFIRMATION IN CO. ACT & I.T. ACT BOTH

15 November 2013 Dear shankar,

The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram

15 November 2013 Dear shankar,

The depn under companies act would be allowed till the date of sale of asset but however depn under income tax act is allowed only till March 2013 as the asset was not in use at the end of current financial year. Hope this clarified your doubt.
Ram




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