Charging of Depreciation
This query is : Resolved
07 September 2009
A pvt ltd co has discontinued its manufacturing activity from 1/04/2006
WDV of Machinery(15%) as on 31/03/2006 Rs 120000/-
Again from 1/04/2008 the co has restarted its operation .
now my question is ,whether Depreciation is to calculated on Rs 120000/-
or after deductind depreciation for 2 years from WDV as was on 31/12/2006
please suggest
Raj Dutta
Kolkata
vkj.kol135@gmail.com
WDV of Machinery(15%) as on 31/03/2006 Rs 120000/-
Again from 1/04/2008 the co has restarted its operation .
now my question is ,whether Depreciation is to calculated on Rs 120000/-
or after deductind depreciation for 2 years from WDV as was on 31/12/2006
please suggest
Raj Dutta
Kolkata
vkj.kol135@gmail.com
07 September 2009
If the assessee is a company then eventhough not utilised you have to provide depreciation every year and only on reducted value you have to provide depreciation.
In case of individual and partnership you need not provide depn if you are not utilising the asset.
In case of individual and partnership you need not provide depn if you are not utilising the asset.
07 September 2009
For depreciation Rs.120000 should be considered as WDV for income tax purpose..
07 September 2009
you have to provide depreciation every year. As per incometax wdv. 73695 and in books of account depend on which method you follow wdv or slm.
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