Zed Ltd. a domestic company engaged in manufacturing activity at Mumbai acquired a plant for ₹ 5 lakh on 7th January, 2020 which is eligible for depreciation @ 15%. It paid ₹ 4 Lakh through ECS system from bank and balance ₹ 1 Lakh in cash on 23rd February, 2020. The plant was put to use on 12.03.2020. The amount of depreciation (Normal & additional)on this plant for A.Y. 2020-21 shall be:
A. ₹ 40,000
B. ₹ 30,000
C. ₹ 70,000
D. ₹ 60,000
Answer:C
Zed Ltd. a domestic company engaged in manufacturing activity at Mumbai acquired a plant for ₹ 5 lakh on 7th January, 2020 which is eligible for depreciation @ 15%. It paid ₹ 4 Lakh through ECS system from bank and balance ₹ 1 Lakh in cash on 23rd February, 2020. The plant was put to use on 12.03.2020. The amount of depreciation (Normal & additional)on this plant for A.Y. 2020-21 shall be:
A. ₹ 40,000 B. ₹ 30,000 C. ₹ 70,000 D. ₹ 60,000