Depreciation Schedule as per Companies Act 1956
This query is : Resolved
26 August 2010
Dear sir
we want to Finalize our Accounts for the AY 2009-10. My problem is Our Company is sold a Vehicle on 31-08-2009 for Rs. 850000/-the cost of Vehicle on 12-10-2007 is Rs. 1175420/- on the same Block of assets One more Vehicle is there. Now my Question is According to Income Tax and Companies Act How can i Show the Deletion of Vehicle. Please can any Body tell me the Detailed Procedure of Depreciation Schedules as per Companies & Income Tax Act. Whether it is possible Please Provide me the Depreciation Schedules Formats. and finally in Dep Schedule as per Companies Act How much i want to Show in Deletion Column as Original asset Value or Sale Value or WDV of the Asset. Very very Urgent.
we want to Finalize our Accounts for the AY 2009-10. My problem is Our Company is sold a Vehicle on 31-08-2009 for Rs. 850000/-the cost of Vehicle on 12-10-2007 is Rs. 1175420/- on the same Block of assets One more Vehicle is there. Now my Question is According to Income Tax and Companies Act How can i Show the Deletion of Vehicle. Please can any Body tell me the Detailed Procedure of Depreciation Schedules as per Companies & Income Tax Act. Whether it is possible Please Provide me the Depreciation Schedules Formats. and finally in Dep Schedule as per Companies Act How much i want to Show in Deletion Column as Original asset Value or Sale Value or WDV of the Asset. Very very Urgent.
26 August 2010
first of all reduce the total gross value of assets from sell column in fixed assets register, than charge the dep. for the current year & deduct the total depreciation charged throughout the life of assets into adjustment column.
Rate of Dep. as per companies act 25.89% (WDV) & 9.50% (SLM)
Dep as per IT Act 15%
You only adjust thease calculation with the sold vehicle.
Rate of Dep. as per companies act 25.89% (WDV) & 9.50% (SLM)
Dep as per IT Act 15%
You only adjust thease calculation with the sold vehicle.
26 August 2010
Can you Please send me the Depreciation Schedule Format
26 August 2010
you can get the rate of Dep. from the below mentioned path.
http://www.fastfacts.co.in/resources/DepCoAct.rtf
http://www.fastfacts.co.in/resources/DepIncomeTax.rtf
http://www.fastfacts.co.in/resources/DepCoAct.rtf
http://www.fastfacts.co.in/resources/DepIncomeTax.rtf
Message likes :
1 times
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
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- GST Regis.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
