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Depreciation

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10 September 2019 In case of firm shut down its business on 30/06/2018 (FY 2018-19), then for FY 2018-19 as per income tax act depreciation on fixed asset is available for 3 months or 6 months..?
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CA Ankur Tripathi

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CA Ankur Tripathi (Expert)
11 September 2019 There is no clear guideline on this particular case.. however if we go by conditions to claim depreciation then use in the business is mandatory. Therefore since you used your assets in business for only 3 months depreciation should be allowed only for 3 months.
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