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depreciation

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05 November 2008 New Hydralic Exavator purchases [ on hire purpose ] value Rs.2081682 on 4.7.07 total income arrived at Rs 255341/= for various sources. How to calculate Depreciation and
Income tax computation.
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muthu

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muthu (Querist)
05 November 2008 please kindly explain to me
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
06 November 2008 Calculation of depreciation does not depend on totak income.

It is assumed that you are talking about depreciation as per income tax act.

The asset being a palnt, the rate of depreciation will be 15%. It having been put to use before 30.09.07, full year deoreciation will be allowed.

Practically, the cost will be added with the WDV of the block of asset as on 01.04.07.
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