Last year a plant & Machinery has been purchased and Depreciation Claimed for the financial year 2019-20. In financial year 2020-21 for the first 7 month there is a problem and it hasn't been used . According to law can i claim full depreciation or half depreciation or none??
3 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5249 Points)
Replied 13 November 2021
Written down value method is decline in book value of asset.If plant and machinery is depreciated by WDV then business will get to know exact condition of asset on that particular date. and also business can plan accordingly.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 13 November 2021
Yes you can claim full depreciation.
the half depreciation is only for the first year when asset was purchased
the half depreciation is only for the first year when asset was purchased
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 November 2021
Full depreciation should be claimed
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