Dep on sale of fixed asset

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84 Points Posted on 06 July 2022
if asset sold on 1-9-22 then dep calculate for 5 month or not.or take wdv as on 31-3-22??


same what do as per income tax like as per income dep calculate full rate or not calculate and taken as per 31-3-22??
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On 06 July 2022 at 13:16 Report
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This discussion clarifies depreciation calculation when a fixed asset is sold. For Income Tax purposes in FY 2022-23, no depreciation is calculated on assets sold, and the Written Down Value (WDV) as of 31st March 2022 is used. However, under accounting standards, depreciation is calculated up to the date of sale, and the WDV at that point is considered.

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Chartered Accountant
5010 Points Posted on 06 July 2022

Under Income Tax act, no depreciation is to be calculated on FA sold for FY 2022-23. 

WDV as on 31.03.2022 have to be taken. 

 

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On 06 July 2022 at 13:28
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84 Points Posted on 06 July 2022
As per accounting??
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On 06 July 2022 at 14:16
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CA
682 Points Posted on 06 July 2022
As per accounting wdv till date of sale to be considered
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On 06 July 2022 at 18:11
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Chartered Accountant
86505 Points Posted on 06 July 2022
No depreciation will be calculated
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On 06 July 2022 at 22:17

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