Depreciation
This query is : Resolved
02 April 2012
can i claim depreciation for the discontinued business in the mid of the fin year. the business is closed in the month of oct '11. explain in both company and non-corporate cases. thanks in advance
04 April 2012
First please clarify what have you done with the assets. Have you sold them or discarded them?
In the above cases, Section 50 shall be applicable.
In the above cases, Section 50 shall be applicable.
04 April 2012
i still holding the assets till the date of the business discontinued.
05 April 2012
When a business is discontinued, the assets are either sold or written off.
What did you do with the assets at the time of closing the business?
What did you do with the assets at the time of closing the business?
05 April 2012
for closing books as on business close can we claim deprecation
05 April 2012
Yes you can claim depreciation if you have not sold or written off the assets.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
