Depreciation on Second Hand Car purchase
This query is : Resolved
10 October 2022
Hi everyone, i have purchased a second hand diesel car on 03.08.2021 in the name of my company. The original date of registration of car was 24.05.2014. Now how can we calculate the depreciation as per companies act since the useful life of a car is 8 years. Will it affect the calculation of depreciation under income tax act
Is there is any thing else which needs to be taken care while calculating depreciations as per Companies Act and income tax act
Is there is any thing else which needs to be taken care while calculating depreciations as per Companies Act and income tax act
10 October 2022
Income tax calculate depreciation at 15% on purchase value
Under companies Act calculate depreciation based on future useful life.
Under companies Act calculate depreciation based on future useful life.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
