DEpriciation
This query is : Resolved
Guest
Guest
(Querist)
27 May 2010
Sir
i am not able to understand the whole concept of Dep .In case of pvt L Co. whether both the Dep as per Income tax & Dep as per co Act will hav to be calculated.And wat are the rates under Co. Act ?bcoz there is diff rates applied in different Co's ?Why this so ?pls provide me with the rate slab also
i am not able to understand the whole concept of Dep .In case of pvt L Co. whether both the Dep as per Income tax & Dep as per co Act will hav to be calculated.And wat are the rates under Co. Act ?bcoz there is diff rates applied in different Co's ?Why this so ?pls provide me with the rate slab also
Guest
Guest
(Expert)
27 May 2010
You are correct. For any company one is required to calculate depreciation as per company act and income tax act. It should be adjusted when we calculate taxable income. Depreciation as per company act is added to net profit and as per income tax act, will be subtracted.
There are different rate and rate list is too long to write here. So better check out:
http://lawyersclubindia.com/experts/files/21_depreciation_companies_act.pdf
There are different rate and rate list is too long to write here. So better check out:
http://lawyersclubindia.com/experts/files/21_depreciation_companies_act.pdf
28 May 2010
Agree. Also find here the link of Depreciation rate as per IT Act.
http://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION_2&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Income%20Tax%20Act
http://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION_2&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Income%20Tax%20Act
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