I am handling a project in which following abstract of data is and my query is regarding DEPRECIATION as per INCOME TAX
wdv of block of plant and machinery say- 2000 cr
Purchase during the year - 5000 cr (less than 182 days)
and Machinery sold during the year - 2500 cr
i am calculating depreciation as given below :-
WDV - 2000
add:- Purchase- 5000
less :- money payble :- 2500
wdv on dep to be calculated :- 4500 @ 7.5%(as asset purchase is less than 182 days)
Depreciation for the period = 337.5 cr
is this right Treatment as per INCOME TAX ACT. ???????
plz suggest me the absolute solution.............thx in advance ....