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vishnu varshney (Querist)
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03 August 2013 DEAR SIR,

WE HAVE PURCHASE A CAR IN F.Y 2000-2001 FOR RS. 322226/- AND CLAIM THE DEPRECIATION 10% ON IT BUT NEXT F.YEARS 2002 TO TILL DATE I CANOT TAKEN THE DEPRECIATION IN BOOKS AND CAR SOLD IN F.Y.2012-2013 OF RS.44000/- HOW CAN SHOWN THE ENTRIES IN BOOKS IN F.Y 2012-2013 AND BALANCE SHEET.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 calculate the wdv as on the date of sale after chg depn for all the years it was used and finally deduct this from sale value.

if sale value is more then wdv = profit then it will be credited to profit and loss a/c else it will be loss and debit loss to p&l a/c.

vishnu varshney

vishnu varshney (Querist)
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03 August 2013 TOTAL DEP. UPTO DATE RS.205000/- WHAT INCOME TAX DISALLOW THIS DEP. OR NOT

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 for income tax purpose u need to take depn as per income tax act.

vishnu varshney

vishnu varshney (Querist)
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03 August 2013 THIS ANS IS NOT CLEAR.

DEP. DISALLOW OR NOT BY DEPARTMENT

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 you need to charge depreciation as per income tax act for income tax calculation then only it is allowed.