Which is the correct computation of the depreciation amount for a furniture item?
1. Original Purchase Value of the furniture item * 10%
2. Written Down Value (WDV) of the furniture item after deducting depreciation on previous ITR * 10%
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Computing Depreciation Amount
Replies (2)
Quick Summary
As per Section 32 of Income tax act, it is compulsory to compute depreciation on WDV value. Therefore, consider the 2nd point.
Depreciation calculated 10% on depreciated value
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