Depreciation Rate ??

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Abhishek gupta (Querist)
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25 July 2009 While preparing the books of accounts what should be the rate of depreciation to be used for the Plant and machinery and motor cars ?

Is it advisable to use the rate as specified in the income tax act ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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25 July 2009 If you are not a company assessee, then you can take rates of Income tax. For a company assessee, it is mendatory to take rates of depreciation as specified in Companies Act 1956.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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26 July 2009 agree

saurabh

saurabh (Expert)
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26 July 2009 adding to the above,
As an individual, it is advisable for u to take Income tax rates of depreciation, as then u will have to make just 1 Fixed assests Schedule both for books of A/cs and Tax.

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