This is my first post on this forum :).
I am trying to do my efiling and under schedule DPM - Plant and Machinery at 15% I have a vehicle.
3. WDV on First day of previous year : 100000
4. Additions > 0
5. Consideration or other realization : 50000
6. Amount on which depreatiation at full rate > 50000
7. Additions for a period of less than 180 days : 200000
8. Consideration or realizations > 0
9. Amount on which depreciation at half rate : 200000
10. Dep at full rate : 7500
11. Dep at half rate : 15000
14. Total dep : 22500
17 Written down value : 227500
Now logically this does not tally. I had a car whose written down value was 1 lakh and I sold for 50 thousand. So I incurred a loss of 50 thousand on sale of car.
Then I purchased a new car for 2 lakhs.
So logically the written down value at the end of the year should be 2 lakhs - 15000 so 185000
So why does the income tax form generate a different written down value? Or is it that I am entering some value wrong? Kindly guide me.
Thanks
CAclubindia
