Depreciation rates

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DEVENDER THAKUR (Querist)
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07 June 2010 Hi Sir I want to know the rate of depreciation on different assets. Is it fixed for a particular kind of asset. If a there is an addition in the asset on 20th of Jan of a FY ending 31st march then how will be depreciated. will it be depreciated for hafl part of the year or for the rest of the days of the FY?

Rahul Gupta

Rahul Gupta (Expert)
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07 June 2010 Check the link for the depreciation rates on different assets.

For the asset put to use on 20th jan, As per the Income Tax Act, you can claim depreciation for half of the year i.e 180 days.
However, as per the companies Act, the depreciation will be given proportiontely to the number of days in use in the Financial year.

Check the link for the depreciation as per The Companies Act >

http://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Company%20Act

Check the rate od Depreciation as per IT Act >
http://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Company%20Act