Depreciation as per companies act 2013
This query is : Resolved
29 July 2014
Please advice how to calculate depreciation:
Original Cost Rs. 100
Original Depre: 4.75%
Revised Useful Life : 15 years
Expired Life : 10 years
Remaining Life : 5 years
Depreciation = (100-47.50)/5
or
Depreciation = (100-5-47.50)/5
Is residual value of 5% need to be considered?
Original Cost Rs. 100
Original Depre: 4.75%
Revised Useful Life : 15 years
Expired Life : 10 years
Remaining Life : 5 years
Depreciation = (100-47.50)/5
or
Depreciation = (100-5-47.50)/5
Is residual value of 5% need to be considered?
29 July 2014
can anyone recieve a second hand car worth rs 650000 approx. as gift from a non-relative person without any consideration.
if no...can u suggest any other measure to show this car as gift by showing a little bit consideration in exchange.
if no...can u suggest any other measure to show this car as gift by showing a little bit consideration in exchange.
29 July 2014
pls refer to sec 56 (2) vii c, where any movable property is recd without consideration or inadequate considertaion will be taxable income
but definition of property in the above said clause does not cover car.
hence if u recd car without consideration even from non relative , it will not be taxable u/s 56 (2)
hence relax
but definition of property in the above said clause does not cover car.
hence if u recd car without consideration even from non relative , it will not be taxable u/s 56 (2)
hence relax
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