Depreciation

This query is : Resolved

Sanu (Querist)
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13 May 2009 If the Invoice date is 1.04.08 and the asset is received on 30.04.08 but the same is booked in the accounts on 31.05.08 then from which date we can charge depreciation. (assuming the asset is computer and the date of asset put to use is not known)

taxindiaconnect

taxindiaconnect (Expert)
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13 May 2009 You should charege depreciation from 1.5.2008 as you can not charge depreciation for the period it was not not received.

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Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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13 May 2009 The depreciation should be charged from the date of receipt of the Asset i.e. 30.04.2008.
The date of preparation of invoice or date on which it is brought in the books doesnt suffice to charge depreciation on respective dates.

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