A Assessee buying a vehicle in accounting to Fixed Asset.
Vehicle Cost = 500000 Tax Rate = 72500 Fittings Cost = 100000 Total = 6,72,500/- My questions are, Which is Fixed asset amount? If total amount (672500) or Vehicle Cost (500000) or Vehicle & Fittings (600000)
17 November 2016
Dear Sir., Thank you for your reply... please explain one more, If I account the total amount Rs. 672500 to fixed asset. Then we calculate depreciation in Rs.672500... Am I right Sir..,