if the asset is puchased in previous year and put to use in current year, than is dep. charged on that assest in previous year.....???????
Mayank Mehta (Student) (383 Points)
07 January 2009if the asset is puchased in previous year and put to use in current year, than is dep. charged on that assest in previous year.....???????
Praveeri
(Assistant Manager Finance)
(197 Points)
Replied 07 January 2009
You can charge addtional depreciation in the asset used for Manufacturing or processing in the year which it put into use.
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 07 January 2009
No, depreciation will not be charged for the previous year. It will be charged from the current year only.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 07 January 2009
Depreciation will be charged in the year in which asset is put to use. Further even if asset is put to use for 1 day in previous year, depreciation will be charged accordingly in the previous year.
Deepesh Ashwin Shah
(Chartered Accountant)
(141 Points)
Replied 13 January 2009
Depreciation will be charged from the year its PUT TO USE. cement this in your mind
thus it will be claimed in next year in which its put to use
Ameet
(L)
(1678 Points)
Replied 13 January 2009
IN ADDITION , THE IMPORTANT PROVISION IS THAT IF THE ASSETS IS READY CONDITION FOR USE FOR ATERNATIVE MACHINE OR ASSETS THEN DEPRECIATION CAN BE CLAIMED IREESPECTIVE OF PUT TO USE. PLEASE REFER THE DEFINITION OF PASSIVE USE ALSO.
HARSHIT KABRA
(STUDENT)
(81 Points)
Replied 15 January 2009
If the asset is ready for use than depreciation is to be provided.
For e.g. in case of fire extingusher it is ready for use but if required.
If the assessee is involved in producing or manufacturing any article or thing than additional depreciation can be taken.
In your case there can be a good plannong that if the income is going on higher side depreciation can be claimed and if it is likely that income will be more in the next following year than depreciation can be claimed in next year.
Ultimately the criteria depends upon that its necessary to prove that asset is put to use.
Vijay gandhi
(consultant)
(567 Points)
Replied 17 January 2009
no,
mene tujhe bataya to tha
bhul gaya kya
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