caln of depr on assets purchased in the middle of yr
This query is : Resolved
27 May 2008
Dear All
How do i calculate depreciation of the assets purchased in the middle of the year according to comp act as well as IT act
And also what is the rate of depreciaiton for mobile phones purchased for staff according to companies act and income tax act
plz urgent
How do i calculate depreciation of the assets purchased in the middle of the year according to comp act as well as IT act
And also what is the rate of depreciaiton for mobile phones purchased for staff according to companies act and income tax act
plz urgent
27 May 2008
If ur calculating depreciation as per company act
Rate for mobile phones is(COMPANY ACT=13.91%)
=Asset cost*rate/100*no of days used/365.
If ur calculating depreciation as per Income tax act :If asset is used for less than 182 days u can claim 1/2 of rate applicable for depreciation..
Rate for mobile phones is(IT ACT) 15% (7.5% if used for less than 182 days)
Rate for mobile phones is(COMPANY ACT=13.91%)
=Asset cost*rate/100*no of days used/365.
If ur calculating depreciation as per Income tax act :If asset is used for less than 182 days u can claim 1/2 of rate applicable for depreciation..
Rate for mobile phones is(IT ACT) 15% (7.5% if used for less than 182 days)
27 May 2008
co. act: from date of purchase to end of year
rate : 13.91% (wdv)
i.t. act : if put use for less than 180 days, 50% dep is allowed otherwise full dep. is allowed
rate : 15% (wdv)
rate : 13.91% (wdv)
i.t. act : if put use for less than 180 days, 50% dep is allowed otherwise full dep. is allowed
rate : 15% (wdv)
28 May 2008
replied
29 May 2008
Do we have to pay corporate tax on revenues earned from abroad assignments. we are a pvt ltd co. registered in india. we expect a revenue of around 2 crores from abroad assignments and 25 lac from indian assignments. our expenses for this fin yr cud be around 25 lac. what is my corporate tax liability.
29 May 2008
READ SEC. 10A, 10AA, 10B AND 10BA, IF THEY R APPLICABLE TO UR CO, U CAN CLAIM EXEMPTION UNDER THEM FOR EXPORTS GAIN.
29 May 2008
we are management consultant firm we dont export anything actually. we offer services to MFIs there can we get any exemption
30 May 2008
sec 10AA provide tax exemption to service exporters (which u are), but for that a company shud be established in SEZ and shud start working on or after 01.04.05 in that SEZ.
but i think, this is not ur case, so perhaps there is no exemption in income tax for u this time. but let other experts give their opinion.
(pls open a new query for a new question.)
but i think, this is not ur case, so perhaps there is no exemption in income tax for u this time. but let other experts give their opinion.
(pls open a new query for a new question.)
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