Depreciation
This query is : Resolved
UMESH KUMAR
(Querist)
26 November 2014
1.AS PER ROC SCOOTER VALUE IN GROSS BLOCK-57500 AT THE YEAR ENDED 31.03.2014
2.DEP UP TO 31.03.2014 IS 48122.25
3.SOLD IN 16.04.2014 OF RS.6000
QUESTION-WHAT IS THE DEPRECIATION VALUE AS PER CO.ACT & IT ACT
2.DEP UP TO 31.03.2014 IS 48122.25
3.SOLD IN 16.04.2014 OF RS.6000
QUESTION-WHAT IS THE DEPRECIATION VALUE AS PER CO.ACT & IT ACT
Amol S Joglekar
(Expert)
26 November 2014
The depreciation as per the Companies Act is the one you mentioned in the query.
For Income Tax depreciation, compute the yearwise depreciation as per the prevailing rates. For 2013-14, the rate is 15%.
(vehicles running on hire have separate rate)
For Income Tax depreciation, compute the yearwise depreciation as per the prevailing rates. For 2013-14, the rate is 15%.
(vehicles running on hire have separate rate)
Rupesh Jain
(Expert)
26 November 2014
as per company act depreciation till u use the vehicle claim in P/L .
but under the income tax act you have to deduct the sale value from the block of assets and then bal. asets and block assets is available then you can claim the depreciation. other wise it consider as short term capital loss.
but under the income tax act you have to deduct the sale value from the block of assets and then bal. asets and block assets is available then you can claim the depreciation. other wise it consider as short term capital loss.
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