Depreciation
This query is : Resolved
10 September 2008
Whether Depreciation on Building(Constructed and still construction going on), Computer & Printer(Used for the Project), Motor Car(Used for the Purpose of the Project) and Plant & Machinery(not used till 31.03.2008) will be charged for the financial year 2007-08 if the production of the company had not been started till 31.03.2008 as per both the Companies Act and the Income Tax Act? The work has been started after 01.04.2008.
11 September 2008
In income tax act you must used the assets in your production or process to generated the revenue to claim the deprecition.
Regarding company law anyone please answer the question.
Regarding company law anyone please answer the question.
15 September 2008
Dear Ishan,
For the purpose of Depreciation, Building: should be in Capital WIP & no Depreciation
Computer : Should be capitalised & depreciated
Motor Car : Should be capitalised & depreciated
Regards'
Yatesh renuke
For the purpose of Depreciation, Building: should be in Capital WIP & no Depreciation
Computer : Should be capitalised & depreciated
Motor Car : Should be capitalised & depreciated
Regards'
Yatesh renuke
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