DEPRECIATION
This query is : Resolved
30 July 2009
AS PER INCOME TAX ACT IF ANY ASSET PURCHASE AFTER SEPTEMBER 50 % DEPRECIATION WILL BE ALLOWED. LET SAY IF DEPRECIATION IS RS. 1000/- THEN ONLY RS. 500/- TO BE CONSIDER. MY QUESTION IS IF NEW BUSINESS STARTED AFTER SEPTEMBER WE NEED TO WE DEDUCT THE DEPRECIATION 50% ON THE DEPRECIATION VALUE. EXAMPLE IF I PURCHASE FURNUITURE ON 01/12/2008 FOR RS. 20000/- DEPRECIATION ON THIS FURNITURE FOR THE WHOLE YEAR IS 2000/- WE NEED TO DEDUCT ONLY RS. 1000/- (50% ) OR RS. 2000/-
30 July 2009
You are right.
Assets put to use after 30th of September are entitled to 50% depreciation.
Please see that the date on which the asset is put to use is relevent, not the date of purchase.
Assets put to use after 30th of September are entitled to 50% depreciation.
Please see that the date on which the asset is put to use is relevent, not the date of purchase.
30 July 2009
agree with the expert
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