Depreciation
This query is : Resolved
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..?
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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