Hi,
An assessee had purchased a car 2 years back on say 1/4/2013. He has started a business from FY 2015-16 and used the car for business. Earlier he was a salaried employee and used the car for personal purposes (so no question of depreciation for past 2 years).
Now, In Fy 2015-16, on what amount should I calculate depreciation?
On the WDV after allowing depreciation for past 2 years
or
on the cost?
after taking depreciation for past 2 years
Thank you for a quick reply.
Depreciation should be provided on WDV after allowing 2 years depreciation.
S.B.G. & CO. CHARTERED ACCOUNTANTS
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