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Depriciation as per income tax & company act in case assets sold
Hi, If assets purchase in f y 11_12 and sales in f y 13_14 date 7.7.13 how It will affect depriciation in f y 13_14.
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The query is not clear.
Please clarify your query more briefly.
If possible Use a proper example to elaborate the query.
If I have purchase assets in which depriciation has claimed in p y that asset has been sold in c y how it impact on depriciation calculations as per income tax and as pet company act.
In regard to taxability the wdv as per income tax dep rates nd the sale value will be considered. Only if the block of asset becomes NIL.
And in the companies act the wdv after dep (as per co. Act) and the sale value will be booked as profit or loss.
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