24 November 2011
Dear sir\Mam, May I know according to income tax act how many days are there in to charge the fully deprecation and half deprecation. Give one small example.
25 November 2011
If the asset is put into use for the purpose of the business / profession for a period of less than 180 days, depreciation will be allowed at 50% of the normal allowable depreciation. Pl see 2nd proviso to section 32 (1) of the IT Act,1961.
25 November 2011
If the asset is purchased before 30th September of that financial year, that asset is eligible for 100% depreciation rate. The asssets purchased after 30th September of the financial year is eligible for 50% of the rate of the depreciation.
CAclubindia
