we want to Finalize our Accounts for the AY 2009-10. My problem is Our Company is sold a Vehicle on 31-08-2009 for Rs. 850000/-the cost of Vehicle on 12-10-2007 is Rs. 1175420/- on the same Block of assets One more Vehicle is there. Now my Question is According to Income Tax and Companies Act How can i Show the Deletion of Vehicle. Please can any Body tell me the Detailed Procedure of Depreciation Schedules as per Companies & Income Tax Act. Whether it is possible Please Provide me the Depreciation Schedules Formats. and finally in Dep Schedule as per Companies Act How much i want to Show in Deletion Column as Original asset Value or Sale Value or WDV of the Asset. Very very Urgent.
26 August 2010
first of all reduce the total gross value of assets from sell column in fixed assets register, than charge the dep. for the current year & deduct the total depreciation charged throughout the life of assets into adjustment column. Rate of Dep. as per companies act 25.89% (WDV) & 9.50% (SLM) Dep as per IT Act 15%
You only adjust thease calculation with the sold vehicle.
CAclubindia
