Deprecation
This query is : Resolved
14 September 2012
if i purchase a second hand machinery costing rs 20000 on 1-11-2011 and put to use on same date rate of depreciation is 20 then what wil be the amount of deprecation rs rs 4000 or 2000 pls give the reason for same
14 September 2012
Since the asset has been put to use for less than 180 days depreciation will be allowed at 50% of the normal rate.
Accordingly the depreciation shall be Rs. 2,000/-.
Accordingly the depreciation shall be Rs. 2,000/-.
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14 September 2012
According to the Income tax act i agreed with the above expert's reply. In case you asking about companies accounts then depreciation should be charge according to the pro-rate basis for the year.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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