depeciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2011 I m senior accountant in manufacturing unit. sole in propriership. Recently the factory have purchased cnc machine ( cost of machine 1.06 Crore) date 23.04.2010 & other assets is value 25 lac and 85 + 30 lac term loan & cc limit but problem is that when we charge dep. @ 15% on assets then accounts book shows hight loss

1. can i charge dep. @ 10% instead of 15%

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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17 May 2011 DEPRECIATION IS TO BE CHARGED AT A RATE PRESCIBED IN THE ACT
HOWEVER IN A/C U CAN ADOPT ANY RATE AS PER UR CONVENIENCE

CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2012 at the time of scrutiny income tax officer will consider rate of dep. as per my convenience

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