A new car is purchased on 15.03.2016. Whether depreciation computed for one month or for only 15 Days. Assessee is a partnership Firm
Nivedidha Anand (CA Final) (64 Points)
12 July 2016A new car is purchased on 15.03.2016. Whether depreciation computed for one month or for only 15 Days. Assessee is a partnership Firm
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 12 July 2016
Depreciation will be calculated at the half of applied rate as car used for less than 180 days for business
Ajith T S
(CA )
(431 Points)
Replied 12 July 2016
As per Income Tax, 1961 depreciation needs to be calculated at half rate since the asset was put to use for less than 180 days.
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 12 July 2016
Deepak
(to be a chartered accountant)
(141 Points)
Replied 12 July 2016
CAclubindia
