Depreciation

This query is : Open

S. P. Dhammi (Querist)
Follow

23 January 2013 Dear Sir,

Kindly provide/ calculate depreciation as per Income Tax Act

Op. Bal - Car 01.04.2011 - 497304
Sold in Oct'2011 - 265000
Pur New Car Oct' 2011 - 553893

Please tell the depreciation as per Income Tax Act

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

23 January 2013 Opening Balance 497304
Addition 553893
-------
Total 1051197
Less: Car Sold 265000
Balance WDV 786197
Provide Depreciation @ 7.5% on the above.
.

S. P. Dhammi

S. P. Dhammi (Querist)
Follow

24 January 2013 Dear Sir,

if the case is :

1st car Op, bal - 497304 - 01.04.2011
2nd Vehicle - 225000 - 01.04.2011
------------------------------------------
Sold 1st Car - 265000 - Oct' 2011

Purchased
Car - 553893 - Oct' 2011
-------------------------------------------
How to calculate depreciation
7.50% on 1st car - 497304+553893-265000
= 786197
-------------------------------------------
15% on 2nd Vehicle ie. 225000/-
-------------------------------------------
Please provide the solution

Regards

Upgrade to CAclubindia Pro. Subscribe Now!

S. P. Dhammi

S. P. Dhammi (Querist)
Follow

24 January 2013 Pls Reply