Depreciation
This query is : Resolved
29 January 2010
Respected Sir,
If an asset is purchased for Rs.700000 & payment is made by bank Rs.600000 & balance Rs.100000 is made by Cash & such asset is used for Business then Can Depreciation be claimed for entire Rs 700000 or not.
Thanks
Debashis
If an asset is purchased for Rs.700000 & payment is made by bank Rs.600000 & balance Rs.100000 is made by Cash & such asset is used for Business then Can Depreciation be claimed for entire Rs 700000 or not.
Thanks
Debashis
29 January 2010
If you have actually incurred Rs.7 lac why would you claim depreciation for 6 lacs.
See, You need to have a prima facia evidence i.e, a cash receipt of Rs.1.0 lac.
If you have it you should show your asset at 7.0 lac & claim depreciation thereon.
See, You need to have a prima facia evidence i.e, a cash receipt of Rs.1.0 lac.
If you have it you should show your asset at 7.0 lac & claim depreciation thereon.
29 January 2010
Cost of asset is Rs.700000. As such depreciation is to be claimed on the full cost irrespective of source of funds whether own or borrowed.
29 January 2010
agree with experts
29 January 2010
in case of fixed assets there is no diff on cash payment.Frist you must concentrate on that fixed asset Invoice value 7 LACs and then u concentrate on payment receipts(both cash and bank) its enough for clime on 7lacs value
30 January 2010
Respected Experts
Thanks to every one for your answers
Debashis
Thanks to every one for your answers
Debashis
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- 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.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- 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
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
