please explain the concept of depreciation as per income tax act
suppose a firm has machinery of 255500(W.D.V. AS ON 31.3.2012) NOW ON 01.6.2012 MACHINERY HAS BEEN SOLD FOR 150000 NOW TELL WHAT WILL BE DEPRECIATION AS PER INCOME ACT ON WHOLE MACHINERY BLOCK FOR THE YEAR 12-13
HOW THE MACHINERY SOLD IS TO BE TREATED PLEASE EXPLAIN IN SIMPLE LANGUAGE AND MENTION EXACT RATE OF DEPRECIATION
08 August 2013
Is this the only machinery in the block? If this machinery is the only asset in the block then Rs. 1,05,500 will be allowed as deduction u/s 32.
CAclubindia
