Depreciation as per co act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2015
according to the sch-II of company act 2013 the useful life of computer is 3 years.so my query regarding this issue is that if computer is purchased on 26/06/2010 and we have depreciated as per wdv method til date and now how much we have to depreciate as per company act 2013 for the year ending 31/3/15
15 June 2015
Now you have to depreciate the the whole amount i.e WDV of the asset, in 31/03/2015.
You can only carry asset in books @5% of Purchase price of asset.
The remaining amount you need to write off.
In short WDV on 1/04/2014 - 5% of Purchase price would be required to be written off on 31/03/2015
You can only carry asset in books @5% of Purchase price of asset.
The remaining amount you need to write off.
In short WDV on 1/04/2014 - 5% of Purchase price would be required to be written off on 31/03/2015
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2015
ok thank you sir
and as per IT act we have some amount of WDV
balance as on 31.3.2014. now how to deal with
Income tax.
and as per IT act we have some amount of WDV
balance as on 31.3.2014. now how to deal with
Income tax.
15 June 2015
dear
for purpose of income tax follow the approach as you were following before the schedule 2
Do not get confuse
Balance sheet s per companies act will be prepared apart from the balance sheet as per income tax act.
for purpose of income tax follow the approach as you were following before the schedule 2
Do not get confuse
Balance sheet s per companies act will be prepared apart from the balance sheet as per income tax act.
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