assume we have taken a assest on 20/02/2010,then can we
charge depreciation for a whole finacial year?
- 5 Answers
- 5791 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
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 |
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 |
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 |
What are the basic steps to be taken by an auditor in order to express an opinion on client’s financial statements.
IF THE COMPUTER PURCHASED ON SEPTEMBER AND JANUARY AND DECEMBER THEN HOW MUCH PERCENTAGE WE HAVE TO CALCULATE ?
what is audit & activities of auditor?
How many types of Audit?
Dividend Received From A Company Is a Indirect Income or It Should be treated as capital revenue?
comptroller auditor general of india functions
What is the mean of statutory audit?
Three common types of confirmations used by auditors are (1) negative confirmations, (2) blank form positive confirmations, and (3) positive confirmations with information included. Place the confirmations in order of reliability from highest to lowest.Question 8 options: 1, 2, 3. 3, 2, 1. 2, 3, 1. 3, 1, 2.
Explain the importance of evaluating an internal audit department?
can external audit be seen as merely an overhead cost adding no value to the orgnisation
WHAT IS THE LATEST CHANGES IN ACCOUNTING STANDARDS
Which books are helpful for practising accounting's most tricky sums?
Audit 
