--%>

Claim depreciation

When an asset is purchased and the similar is not employed for the financial year, must the company charge the depreciation and the reason for the similar?

E

Expert

Verified

As per income tax law can’t claim depreciation however as per company action we can claim it. When assets are machinery and are ready to use however not used throughout period we can claim for depreciation since machinery is ready for use and company encompass certificate and bills for the installation of machinery.

   Related Questions in Financial Accounting

  • Q : Objective Questions on Sociology 1)

    1) Which large European city declined significantly in population over the past century? A) Paris B) London C) Rome D) Madrid 2) The industrial city was characterized b A) decentralization B) corporate growt

  • Q : Define status and role Define status

    Define status and role, explain the difference between the two, provide illustrations.

  • Q : Accountancy Accountancy is the process

    Accountancy is the process of communicating financial information about a business entity to users such as shareholder and manager. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in s

  • Q : Components of social interaction

    Identify and explain important components of social interaction.

  • Q : Methods handling translation gains and

    How translation gains and losses are handled differently as per current rate method as compared to the other three methods, which is, monetary/nonmonetary method, current/noncurrent method, and the temporal method?

  • Q : Ppe Question 3 The following

    Question 3 The following information is taken from the financi al statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had

  • Q : Implications of purchasing power parity

    Explain implications of the purchasing power parity for the operating exposure.

  • Q : Types of international banking offices

    List different types of the international banking offices.

  • Q : Advantages for giving Cash Discount

    What are various advantages for giving Cash Discount?

  • Q : Elder Abuse Explain the term Elder

    Explain the term Elder Abuse in brief ?