--%>

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 : Responsibility Accounting Explain the

    Explain the term Responsibility Accounting and types of responsibility centres with example?

  • Q : Free international trade in goods and

    Explain, how economic well-being of a country is improved through free international trade in the goods and services?

  • Q : Corruption of Creativity Explain the

    Explain the Corruption of Creativity in Creative Industry ? Explain in brief.

  • Q : Capitalize earnings To transfer amounts

    To transfer amounts from retained earnings to contributed capital through stock dividends. The effect is to decrease retained earning and increase the stock account. Stock dividends also permanently retain the earnings in the corporation by moving it out of the retain

  • Q : Maximum factors Explain the Maximum

    Explain the Maximum factors influences and involvement which will depend on the performance and success of the employees ?

  • Q : Cross-hedging and its effectiveness

    Discuss cross-hedging and also some of the factors evaluating its effectiveness.

  • 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 : Equity and social exchange theory What

    What is the difference between the equity theory and the social exchange theory ? Define both the theories in brief.

  • Q : Social issues & person statuses Think

    Think of person you will who often irritates you or whose behaviour greats on your nerves. First list that person statuses and role then analysed his or her possible role expectations, role performance, role conflict and role strai

  • Q : Fundamenetal Issues on Management

    1.  Somerset Ltd manufactures components for the motor industry. In one of its workshops it has three workers, Joe, Jack and Jonny, who at any one time work on batches of the same component. The standard time allowed to produce one unit is one hour. The workers rate of pay is