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.
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
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- Specified Profession
- Agriculture income or business income
- Suggestions required for income tax filing-software (FY 2025-26)
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Taxation on LTCG for property sold after 24JUL2024
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
