computation

This query is : Resolved

muthu (Querist)
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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

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 November 2008 Depreciation if it is on equipment relating to business it has to be charged against business income.

Secondly why 1/2?

muthu

muthu (Querist)
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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 ?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 November 2008 If the equipment was purchased on 4th July, it is eligible for full depreciation and not half.

muthu

muthu (Querist)
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07 November 2008 Thank you for your kindly cooperation sir

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