About depreciation
This query is : Open
08 September 2016
a proprietor have wdv of car as on 31.3.2015 is Rs.134854.3 and during the year 2015-16 he exchange the old car for Rs.115000 and purchase new car total amounted Rs.1057517(including exchange value).what should be the depreciation to be accounted as per income tax act ? and further what should be the accounting entry for the loss on sale of car?
08 September 2016
Dear Alkit,
There is concept of Block of assets in caculation of depreciation.
reduce the sold price from block of assets and add new purchase value (actual).
charged full year dep for old balance less sold Vale and charge Dep on new car as per purchase date.
Hope your query is resolved
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
