Income tax
This query is : Resolved
11 August 2011
If a person start business on Ist Jan. 2011. and balance sheet is prepared on 31st march 2011. then as per Income tax act dep. should be provided for 6 month or for 3 month ??
12 August 2011
incometax has only two slabs of depriciation 6 month and 1 year, here the dep will be available for 6 months.
13 August 2011
For 6 months only. In fact there is no 6 months or 3 months. It is on the basis of number of days. If the assets is purchased and put to use for less than 180 days then 50% depreciation and if more than 180 days then 100% depreciation as per the rate allowed to be charged for depreciation.
If we calculate on the basis of 6 months then it exceeds 180 days.
If we calculate on the basis of 6 months then it exceeds 180 days.
14 August 2011
Thanks sir
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