A plant & machinery depreciable @ 15%, was sold/dispossed off after 2 year.
Is there any adjustment in Income Tax depreciation,can we claim full depreciation on same on that year.
Will it affect any entry in books of Account.
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Income tax depreciation adjustment on sale/disposal
Replies (3)
Hello
Is there only one plant & machinery in that block ???
More than one plant in books of Books of Account
Here is how WDV is calculated
Sr.No Particulars Amount in Rs.
1 Opening WDV of all the assets falling under one block XXXXXX
2 Add: Asset acquired during the previous year and falling XXXXXX
under the same block
3 Total (1+2) XXXXXX
4 Less : Money received or payable for the assets sold,
discarded, demolished, destroyed during the previous
year to the extent it does not exceed the value arrived
at serial no.3 (XXXXXX)
5 WDV of the block of asset (3-4) XXXXXX
Charged deprecation @ 15% on the WDV value of the block of asset arrived at serial no. 5.
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