Depriciation as per i.t act
This query is : Resolved
15 April 2013
suppose block value of the assets is 1000 ,purchase additional assets used more than 180 days .also sale of asstes after using 140 days (<180 days).so my qstn is while calculatin depreiciation as per I.T ACT do have to take on sold assets also ?
15 April 2013
As power IT act, depreciation is charged on the closing value of the block. Closing value is calculated as follows-:
Opening balance of the block + new purchases for more than 180 days +1/2 of new purchases for less than 180 days -sale price of the assets sold during the year.
On the sale of asset, there is no need to calculate less than or more than 180 days period.
Opening balance of the block + new purchases for more than 180 days +1/2 of new purchases for less than 180 days -sale price of the assets sold during the year.
On the sale of asset, there is no need to calculate less than or more than 180 days period.
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