Depreciation

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SFaidhi (Querist)
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29 September 2017 If an asset is completely depreciated as per Companies Act, but it is still having written down value as per IT act in the financial year apropos. Can we still claim depreciation as per IT Act for the calculation of Taxable Income?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 September 2017 Yes you can claim as per IT.....

SFaidhi

SFaidhi (Querist)
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29 September 2017 But the Asset doesn't exist. How come it is possible?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 September 2017 You have to maintain two separate details of assets. One as per books & other as per IT

Mayur

Mayur (Expert)
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29 September 2017 That depends upon many other Following Criteria as you might be knowing that income tax follow the block of asset concept: 1. does the asset exist? 2. do you have any other asset in that block? 3. Does the other asset in the same block still exists?

SFaidhi

SFaidhi (Querist)
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29 September 2017 What if I have only a single asset in the concerned block which is exhausted as per The CA 2013? Can't I claim dep

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 September 2017 You can claim for same.......

SFaidhi

SFaidhi (Querist)
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29 September 2017 Thank You!

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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