DEPRECIATION ON LOSS OF ASSET
This query is : Resolved
22 June 2023
WHAT TREATMENT OF DEPRECIATION SHOULD BE MADE IN CASE OF LOSS OF TRUCK DURING YEAR-2022-23 IF THE TRUCK WAS PURCHASED IN YEAR-2018-19 ?
22 June 2023
Provide the depreciation as per year end. Balance amount to be loss account
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20 August 2023
Where an asset acquired during the previous year and is put to use for the purpose of business or profession for a period of less than 180 days in that previous year, depreciation allowance shall be restricted to 50% of the amount calculated at prescribed rates
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