Depreciation Rate ??
This query is : Resolved
Abhishek gupta
(Querist)
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 ?
Is it advisable to use the rate as specified in the income tax act ?
CA.Tarun Maheshwari
(Expert)
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
(Expert)
26 July 2009
agree
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Equity Share Sale and Purchase
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Number of years as per AS amortisation of Goodwill
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
