Depreciation

Hi Jayathi,

Depreciation has to be calculated from the 18/11/2012 i.e. date of starting of the Firm.

Depreciation has to be calculated on WDV as on 18/11/2012.

Section 32 of Income tax would apply.

For IT purposes you can claim only half year depreciation since the asset is put to use for less than 180 days..

Depreciation under Income Tax Act would be allowed only from the date of put to use. If in the given cese, Asset is put to use from 18/11/2012 then dep willl be 50% as asset is put to use for less than 180 days in the year of acquisition...............

DEPRECIATION WOULD CALCULATED U/S 32 OF INCOME TAX ACT  FOR HALF YEAR ONLY

thanks Ravi for the clarity.