A plant & machinery depreciable @ 15%, was sold/dispossed off after 2 year.
Is there any adjustment in Income Tax depreciation,can we claim full depreciation on same on that year.
Will it affect any entry in books of Account.
Jyothis (Article) (1127 Points)
04 May 2016A plant & machinery depreciable @ 15%, was sold/dispossed off after 2 year.
Is there any adjustment in Income Tax depreciation,can we claim full depreciation on same on that year.
Will it affect any entry in books of Account.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 12 July 2016
Hello
Is there only one plant & machinery in that block ???
Jyothis
(Article)
(1127 Points)
Replied 13 July 2016
More than one plant in books of Books of Account
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 July 2016
Here is how WDV is calculated
Sr.No Particulars Amount in Rs.
1 Opening WDV of all the assets falling under one block XXXXXX
2 Add: Asset acquired during the previous year and falling XXXXXX
under the same block
3 Total (1+2) XXXXXX
4 Less : Money received or payable for the assets sold,
discarded, demolished, destroyed during the previous
year to the extent it does not exceed the value arrived
at serial no.3 (XXXXXX)
5 WDV of the block of asset (3-4) XXXXXX
Charged deprecation @ 15% on the WDV value of the block of asset arrived at serial no. 5.
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