DEPRECIATION

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
07 July 2011 SUPPOSE I SELL AN ASSET FOR THE FINANCIAL YEAR 2010-2011 IN MARCH 2011.CAN I CLAIM DEPRECIATION AS PER IT ACT FOR THE WHOLE YEAR FOR THE FINANCIAL YEAR 2010-2011.

KINDLY REPLY.

THANKS & REGARDS.

SATYAM

07 July 2011 IF ANY ASSET HAS SOLD DURING THE YEAR THEN DEPRECIATION IS NOT ALLOWED AS PER INCOME TAX ACT.

CONCEPT IS

OPENING WDV
ADD- ADDITION
LESS- DELETION
CLOSING WDV

AND DEPRECIATION AS PER IT ACT IS CALCULATED ON CLOSING WDV

07 July 2011 Rightly said by Mr. Jain. For claiming depreciation under Income Tax Act assets shall be held till 31st March. If it is not available on March 31 then depreciation will not be allowed


07 July 2011 Rightly said by Mr. Jain. For claiming depreciation under Income Tax Act assets shall be held till 31st March. If it is not available on March 31 then depreciation will not be allowed



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

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries