plz provide your valuable opinion on the issue that when an asset forms part of the block of assets? Suppose an asset is purchased but not put to use in the Same previous year then whether for the purpose of calculating closing WDV u/s 43(6), the actual cost of such unused asset shall be included or not? if the same is includible then whether for the purpose of computing the depreciation on closing WDV, the actual cost of such asset shall be ignored.
1 Replies
Abhay Sethia
(stundent)
(300 Points)
Replied 04 February 2016
Dear Hardeep Singh,
First thing you please note if any asset is ready to use it is chargable to deprication and second thing is about its inclustion in block of assets or not is not more important but it is chargable to deprication.
Recent Topics
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF UNCLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
