dear Sir/mam, I started new firm Individual ,i have a bike & car ,it was purchased 2 years back.now first year we will filing Income Tax Return .how to use to FA in IT, may be bike & car price was 65000 & 350000 .on this year which amount to take into Income tax and i want FA value and depr value as on 31.3.16 pls ....give me answer
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Fixed assets
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if the bike and car was shown in asset portion of your personal balance sheet, then it would be considered as "capital introduction"to the business, and the value would be same as per your personal balance sheet value,
deprication rates are 15% per annum and to be claimed full in case the assets are taken in use before 30th sept, or can be claimed half if taken in use after 30th sept
i wnat FA breakup ope bal-----?
Dep-----------?
net FA ---------------?
as on 31.3.2016
rate is 15%
say OB is 1 lacs
so fixed asset 1,00,000
depriciation .......15,000
wdv as 31/03 .... 85,000
date of taking in use is a vital part and divided in two part of year ( 1st part would attract 15% and 2nd part would attract 7.5% rate of depriciation)
ALREADY 2 YEARS USED
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