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Wdv opening balance in balance sheet
sir, I have one doubt pls clarify. one of my client purchased second hand car in the year 2018 of rs 480000 he is third owner. my client started the business in year Aug 2023. I am in confusion which opening value WDV is to be taken in the balance sheet for charging the depreciation.
Replies (6)
Take book value. Else apply WDV on 480000/- to arrive at WDV as on 31.03.2023
Sir,
Can you guide me.
I have small Capital Gain from Mutual funds Rs. 220 and some Capital Gain from stocks RS. 499 So while filling ITR2 schdlude 111A I need to add Rs. 220+499 and put the value of under Full value of Consideration. or need to show separately
Can you guide me.
I have small Capital Gain from Mutual funds Rs. 220 and some Capital Gain from stocks RS. 499 So while filling ITR2 schdlude 111A I need to add Rs. 220+499 and put the value of under Full value of Consideration. or need to show separately
You may combine it . Sale value of both together may be taken
Thank you Eswar Reddy Sir,
Car and mutual fund are not same.
Hi Rehman
If the Car is used for business purpose, You need to calculate revised book value of car as on Aug-23. Rate of depreciation you can consider is 15% under WDV Method.
For depreciation rates, refer III. MACHINERY AND PLANT category in below link:
Link: https://incometaxindia.gov.in/charts%20%20tables/depreciation%20rates.htm
Thanks
Veerus Academy
My Channel link: https://www.youtube.com/ @ veerusacademy
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