DEPRECIATION
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2011
SUPPOSE I SELL AN ASSET FOR THE FINANCIAL YEAR 2010-2011 IN MARCH 2011.CAN I CLAIM DEPRECIATION AS PER IT ACT FOR THE WHOLE YEAR FOR THE FINANCIAL YEAR 2010-2011.
KINDLY REPLY.
THANKS & REGARDS.
SATYAM
KINDLY REPLY.
THANKS & REGARDS.
SATYAM
07 July 2011
IF ANY ASSET HAS SOLD DURING THE YEAR THEN DEPRECIATION IS NOT ALLOWED AS PER INCOME TAX ACT.
CONCEPT IS
OPENING WDV
ADD- ADDITION
LESS- DELETION
CLOSING WDV
AND DEPRECIATION AS PER IT ACT IS CALCULATED ON CLOSING WDV
CONCEPT IS
OPENING WDV
ADD- ADDITION
LESS- DELETION
CLOSING WDV
AND DEPRECIATION AS PER IT ACT IS CALCULATED ON CLOSING WDV
07 July 2011
Rightly said by Mr. Jain. For claiming depreciation under Income Tax Act assets shall be held till 31st March. If it is not available on March 31 then depreciation will not be allowed
07 July 2011
Rightly said by Mr. Jain. For claiming depreciation under Income Tax Act assets shall be held till 31st March. If it is not available on March 31 then depreciation will not be allowed
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