How to calculate depreciation on new assets purchased during the year 2014-15 as per Schedule II?
In Schedule II it is mentioned that "depreciation on such assets shall be calculated on a pro rata basis from the date of such addition."
Does it mean that we need to calculate depreciation on such assets on day wise basis??
Depreciation should be provided on day wise. But rate of depreciation will be decided on the basis of life of asset as per Schedule II.
If assets are purchased on different dates then depreciation need to be calculated separately for each purchase on day wise basis.
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