Depreciation
This query is : Resolved
10 August 2009
Whether depreciation is allowed on an asset purchased and sold in the same previous year?
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
10 August 2009
cost of the asset will be added in the cost of block sale wproceeds will be deducted & on balance dep. will be calculated.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
10 August 2009
As per Income Tax Act, any fixed assets added to the block and if it is ready to use then you can claim depreciation at full rate if used more than 6 months otherwise half the rate.If any assets sold in a particular year then the sale proceeds will be reduced from the block of assets, if it is +tive charge depreciation, if it is -tive then show as loss on sale of assets in the P L A/C.
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 Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
