Depreciation rate revision: revised rates apply to newly acquired assets and set transitional options for existing assets. Revised rates of depreciation apply prospectively to assets acquired on or after the notification and to accounts closed on or after that date. For existing assets, W.D.V. users must apply revised W.D.V. rates to the written down value as at the end of the previous financial year. Straight Line Method users may either recompute the remaining period using revised rates and amortise the unamortised value, continue with old SLM rates for existing assets, or apply the revised SLM rates to original cost from the year of change.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Depreciation rate revision: revised rates apply to newly acquired assets and set transitional options for existing assets.
Revised rates of depreciation apply prospectively to assets acquired on or after the notification and to accounts closed on or after that date. For existing assets, W.D.V. users must apply revised W.D.V. rates to the written down value as at the end of the previous financial year. Straight Line Method users may either recompute the remaining period using revised rates and amortise the unamortised value, continue with old SLM rates for existing assets, or apply the revised SLM rates to original cost from the year of change.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
