Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] WDV as on 1
CS Executive · Tax Laws · PYQS · December 2018
Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] WDV as on 1st April, 2017 of the block of asset of Plant and Machinery depreciated @ 15% was of ₹ 6,00,000. Out of this block, one machine was sold for ₹ 2,00,000 on 1st July, 2017 and a new machine costing of ₹ 9,00,000 was added on 1st September, 2017 but put to use only from 1st November, 2017. What will be the amount of normal depreciation which can be claimed against such block of Plant and Machinery ?
Answer & Explanation:
The amount of normal depreciation u/s 32 of the Income Tax Act, 1961 shall be as follows: (₹6,00,000 – ₹2,00,000) * 15% + (₹9,00,000 * 7.5%) = ₹1,27,500
Topics: Income Tax Act, 1961
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