Depreciation

CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)

23 February 2013

BLOCK OF ASSETS RS.100000 OUT OF THIS ONE ASSETS IS SOLD 30.06.12 AT 10000/- WDV OF THAT IS RS. 9000/- SO PLEASE HELP IN CALCULATION DEPRECIATION

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(Guest)

BLOCK OF DEPRECIABLE ASSETS IS OF RS. 1,00,000

ONE ASSETS IN THAT BLOCK CARRYING AMOUNT OF RS. 9000/- AND THE SAME HAS BEEN SOLD WITH PRICE RS. 10000/- ON 30.06.2012

SO NOW YOUR BLOCK OF ASSETS AMOUNT AS ON 31ST MARCH, 2013 WILL BE RS. 90,000/-

AND

DEPRECIATION SHALL BE CALCULATED ON THAT RS. 90,000/- ONLY.

mitali mita (chartered accountant) (26 Points)
Replied 23 February 2013

As per income tax act, depreciation shall be calculated on 100000-10000=90000 for the whole year.

As per accounting , depreciation shall be computed on 91000 for the whole year and for 9000 depreciation shall be calculated for 3 month

CA Prashant Gupta (DGM (F & A)) (14068 Points)
Replied 23 February 2013

depreciation will be on 90000 as per income tax.

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