WDV OF ASSET
This query is : Resolved
30 December 2008
An asset's WDV as on 1st April is 20,000.This asset was used 50% for personal use during the year.The depreciation rate is 20%.What I want to know is what will be the WDV of the asset at the end of the year????
30 December 2008
Depreciation will be charged at full rate and you will get WDV at the end of year i.e. 16,000.
30 December 2008
20000 less half dep will be deducted as 50% asset is used for personal purposes i.e 18000.
30 December 2008
However 50% of depreciation will be disallowed while making I-tax calculations.
30 December 2008
WDV as on 31st March will be Rs. 20000-Rs.4000=Rs16000. It will not be that 50% depreciation is adjusted only.
30 December 2008
as per sec 43(6) read with sec 38 wdv is cost less dep actually allowable. & therefore, wdv will be 20000 less 2000= 18000.
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