How to charged depreciton under IT for Motar Cars ? (Opn Bal 200000 Addition on 30/11/2010 Rs.700000 Sale of Motor car in 25/11/2010 Rs.150000
please tell what will be our WDV as on 31/03/2011
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Depreciation under income tax act
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As per income tax act Depreciation will be
Op Bal + addition upto 30.09.11 - Sale of asset : Full rate of depriciation 15%
Additions after 30.09.11 - Half rate of depriciation
Hence,,
200000 + 0 - 150000 = 50000 - 7500 = 42500
700000 - 52500 = 647500
Total depreciation - Rs. 60000/-
WDV after depreciation - Rs. 690000/-
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