Depreciation on Second Hand Car purchase
This query is : Resolved
CA Shruti kuchhal
(Querist)
10 October 2022
Hi everyone, i have purchased a second hand diesel car on 03.08.2021 in the name of my company. The original date of registration of car was 24.05.2014. Now how can we calculate the depreciation as per companies act since the useful life of a car is 8 years. Will it affect the calculation of depreciation under income tax act
Is there is any thing else which needs to be taken care while calculating depreciations as per Companies Act and income tax act
Is there is any thing else which needs to be taken care while calculating depreciations as per Companies Act and income tax act
CA R SEETHARAMAN
(Expert)
10 October 2022
Income tax calculate depreciation at 15% on purchase value
Under companies Act calculate depreciation based on future useful life.
Under companies Act calculate depreciation based on future useful life.
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