Calculate the total Depreciation that can be claimed under the Income Tax in the following case: (1) Asset 1 purchased on 01.04.2023 for ₹ 4,00,000 and put to use instantly (2) Asset 2 purchased on 01.08.2023 for ₹ 3,00,
CS Executive · Tax Laws · PYQS · December 2024
Calculate the total Depreciation that can be claimed under the Income Tax in the following case: (1) Asset 1 purchased on 01.04.2023 for ₹ 4,00,000 and put to use instantly (2) Asset 2 purchased on 01.08.2023 for ₹ 3,00,000 and put to use on 10th March 2024 (3) Asset 3 purchased on 01.11.2023 for ₹ 3,00,000 and put to use on 01.05.2024 (Rate of Depreciation in all cases is 10%)
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act
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