A new car is purchased on 15.03.2016. Whether depreciation computed for one month or for only 15 Days. Assessee is a partnership Firm
A new car is purchased on 15.03.2016. Whether depreciation computed for one month or for only 15 Days. Assessee is a partnership Firm
Depreciation will be calculated at the half of applied rate as car used for less than 180 days for business
As per Income Tax, 1961 depreciation needs to be calculated at half rate since the asset was put to use for less than 180 days.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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