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Depreciation claim
M/s. Raj limited purchased a machine on 01/04/2010 for rs. 500000. the company charged depreciation at 10% on reducing balance method up to 2014-15. from 2015-16 the company decided to change depreciation on straight line basis with estimated working life of 10 years and scrap value of rs. 75000. what is the amount of depreciation to be charged to profit and loss account for the year 2015-16??
Replies (1)
Are you talking about depreciation as per income tax act?
Then you must have to apply the WDV block of asset method .
SLM method can be applied only by the assessee who is engaged in power generation/distribution.
Then you must have to apply the WDV block of asset method .
SLM method can be applied only by the assessee who is engaged in power generation/distribution.
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