assume we have taken a assest on 20/02/2010,then can we charge depreciation fo

Categories >> Accounting >> Audit
Suggest New Category

assume we have taken a assest on 20/02/2010,then can we
charge depreciation for a whole finacial year?

Question Posted / samanvgv

5 Answers
5739 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

assume we have taken a assest on 20/02/2010,then can we charge depreciation for a whole finacial y..

Answer / yash

no
bcs ur assets purchases days less then 180 days
in this case depreciation charged half rate of depreciation
for the 365 days
for examples
furniture value = 20000, depreciation rate is =15%
if our asstes purchase days less then 180 days
20000*7.5/100=1500 Rs
depreciation charged
ok if found any error pls tell me
thanks

Is This Answer Correct ?

12 Yes

1 No

assume we have taken a assest on 20/02/2010,then can we charge depreciation for a whole finacial y..

Answer / yash

dear deepak first think and then reply bcs all readers read
ur answer its not joke bcs its help ful for all lerners

Is This Answer Correct ?

3 Yes

0 No

assume we have taken a assest on 20/02/2010,then can we charge depreciation for a whole finacial y..

Answer / h.r. sreepada bhagi

If the business entity is a Company registered under the
Indian Companies Act, 1956, then depreciation is applicable
as per the rates in the Schedule to the said Act. Under this
depreciation is applicable from the date put to use at the
rate applicable.
For Income Tax purpose, Depreciation is applicable at 50% of
the rate applicable to the asset under Income Tax Rate, as
the asset is used for less than 180 days during the year
2009-10.
For easy reference see Income Tax Ready Reckoner, in which
rates under both the Acts are available.

Is This Answer Correct ?

3 Yes

0 No

assume we have taken a assest on 20/02/2010,then can we charge depreciation for a whole finacial y..

Answer / victor agbim

No.We cannot charge depreciate for a whole financial year.
Depreciate is charge from the date of assets acquisition to
the conclusion of the financial year in the financial accout
But on computer of tax returns and filling to the relevant
tax authority the initial allowance is not abrogated.

Is This Answer Correct ?

0 Yes

0 No

assume we have taken a assest on 20/02/2010,then can we charge depreciation for a whole finacial y..

Answer / deepak singh

we have taken assets on 20/02/2010,
no
we are not depreciate for a whole fincial year.
i am take chargeable atlest one year.then i use
the depriciate 19/02/2011.on year dep. do use.
-----------------------------------------------
thanks.

Is This Answer Correct ?

0 Yes

6 No

Post New Answer