computation
This query is : Resolved
06 November 2008
Dear Sir
i prepare my following statement
Income from Business Net Profit as per income & exp a/c (on hire charges receipts for excavator vehicle Rs.98,685/-
income from other sources Rs.1,56,656
less:- Depreciation cost value Rs 2081682/- on 4.7.07@ 15% (W.D.W 312252/=.1/2) Rs.156126 ---------- 99214 ------- This Statement is Correct or Wrong
please kindly give a guidlines
Thank you
i prepare my following statement
Income from Business Net Profit as per income & exp a/c (on hire charges receipts for excavator vehicle Rs.98,685/-
income from other sources Rs.1,56,656
less:- Depreciation cost value Rs 2081682/- on 4.7.07@ 15% (W.D.W 312252/=.1/2) Rs.156126 ---------- 99214 ------- This Statement is Correct or Wrong
please kindly give a guidlines
Thank you
07 November 2008
Depreciation if it is on equipment relating to business it has to be charged against business income.
Secondly why 1/2?
Secondly why 1/2?
07 November 2008
Thank you your honorable information sir
but 1/2 means off percentage because it is 180 days from date of purchase
actually excavator ( road work vehicle) liable to 15% depreciation ?
but 1/2 means off percentage because it is 180 days from date of purchase
actually excavator ( road work vehicle) liable to 15% depreciation ?
07 November 2008
If the equipment was purchased on 4th July, it is eligible for full depreciation and not half.
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