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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2018 Dear Sir/Madam,

A partnership firm was established in the month of February 2018. The only Fixed Assets they are having is Computers and Laptops.
They have nominal profit. What will be treatment for depreciation for the purpose of finalizing financials for IT returns.

Regards,
Abhishek Kumar
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 July 2018 Depreciation is mandatory for IT purpose. Provide in accounts at 1/2 of the rate
since put into use for <180 days.
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