Depreciation
This query is : Open
S. P. Dhammi
(Querist)
23 January 2013
Dear Sir,
Kindly provide/ calculate depreciation as per Income Tax Act
Op. Bal - Car 01.04.2011 - 497304
Sold in Oct'2011 - 265000
Pur New Car Oct' 2011 - 553893
Please tell the depreciation as per Income Tax Act
Thanks
Kindly provide/ calculate depreciation as per Income Tax Act
Op. Bal - Car 01.04.2011 - 497304
Sold in Oct'2011 - 265000
Pur New Car Oct' 2011 - 553893
Please tell the depreciation as per Income Tax Act
Thanks
CA PARAS BAFNA
(Expert)
23 January 2013
Opening Balance 497304
Addition 553893
-------
Total 1051197
Less: Car Sold 265000
Balance WDV 786197
Provide Depreciation @ 7.5% on the above.
.
Addition 553893
-------
Total 1051197
Less: Car Sold 265000
Balance WDV 786197
Provide Depreciation @ 7.5% on the above.
.
S. P. Dhammi
(Querist)
24 January 2013
Dear Sir,
if the case is :
1st car Op, bal - 497304 - 01.04.2011
2nd Vehicle - 225000 - 01.04.2011
------------------------------------------
Sold 1st Car - 265000 - Oct' 2011
Purchased
Car - 553893 - Oct' 2011
-------------------------------------------
How to calculate depreciation
7.50% on 1st car - 497304+553893-265000
= 786197
-------------------------------------------
15% on 2nd Vehicle ie. 225000/-
-------------------------------------------
Please provide the solution
Regards
if the case is :
1st car Op, bal - 497304 - 01.04.2011
2nd Vehicle - 225000 - 01.04.2011
------------------------------------------
Sold 1st Car - 265000 - Oct' 2011
Purchased
Car - 553893 - Oct' 2011
-------------------------------------------
How to calculate depreciation
7.50% on 1st car - 497304+553893-265000
= 786197
-------------------------------------------
15% on 2nd Vehicle ie. 225000/-
-------------------------------------------
Please provide the solution
Regards
S. P. Dhammi
(Querist)
24 January 2013
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