Depreciation as per income tax
This query is : Resolved
CA Macson Lopes
(Querist)
15 July 2013
Particulars...........................Rs.
Fixed Assets(WDV) As on 1.4.12
A) As per Companies Act...........5,00,000/-
B) As per IT Act..................7,00,000/-
Rate of Dep as per IT 10% &
Co. Act is 18.10%.
on 1.10.2012 Company dispose off Asset of Rs.
1,00,000 (Scrap value = 10,000)
Please help me to find out WDV as on 31.3.13
As per Income Tax Act and Co. Act.
Query : Shall I Deduct Rs. 1,00,000/- or Rs.10,000/- while calculating Depreciation as per IT???
Please comment.
Fixed Assets(WDV) As on 1.4.12
A) As per Companies Act...........5,00,000/-
B) As per IT Act..................7,00,000/-
Rate of Dep as per IT 10% &
Co. Act is 18.10%.
on 1.10.2012 Company dispose off Asset of Rs.
1,00,000 (Scrap value = 10,000)
Please help me to find out WDV as on 31.3.13
As per Income Tax Act and Co. Act.
Query : Shall I Deduct Rs. 1,00,000/- or Rs.10,000/- while calculating Depreciation as per IT???
Please comment.
CA UMESH DULAL
(Expert)
15 July 2013
As per income tax- wdv as on 31.03.2013-600000
as per co. act wdv is 500000-(cost of assets-depreciation up to the date of disposal)
as per co. act wdv is 500000-(cost of assets-depreciation up to the date of disposal)
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