Depreciation as per income tax act.

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CA AMIT SOMANI

Proprietor

38 Points Joined February 2016

Hello, If someone having 50,000/- as a opening block (01/04/2015) of assets of category 15% and sold something from it in exchange with Rs. 60,000/- on 03/10/2015 & having purchase worth Rs. 40,000/- as on 02/02/2016. Then how we will calculate depreciation as per Income Tax Act.....

Replies (1)

Ruchi

1410 Points Joined March 2015

(50000-60000+40000)= 30000. This will be the wdv on which depreciation as on 31st march 2016 should be availed. Depreciation would be 7.5% of 30000 i.e. 2250.