Income tax depreciation deductions

Tax planning 370 views 1 replies

If an asset is purchased on 01/04/2023 and retired on 31/08/2023.

If income tax depreciation is run for the period 01/04/2023 to 31/03/2024.

how will be deductions considered will it be more than 180 days or less than 180 days.

 

Opening wdv : 50000 

Additions  :30000   

 Same asset retired with sold amount :10000     .

what will be depreciation calculation for more than 180 days.

 

                   

 

Replies (1)

As the asset is not available in the books at year end, depreciation cannot be claimed.

You can book short term capital loss Rs.70,000.


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