Deprecation
This query is : Resolved
pratik bhojwani
(Querist)
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/-.
Message likes :
1 times
Dintakurthi Tirumala
(Expert)
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
