Sravanthi
(CA Final ICWA Final & M.B.A)
(737 Points)
Replied 18 September 2012
what is the rate of depreciation as per companies act & income tax act?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 18 September 2012
Its 60% as per IT ACT..
And for accounting purpose, most of the companies consider 40% SLM..
Sravanthi
(CA Final ICWA Final & M.B.A)
(737 Points)
Replied 18 September 2012
Ankit
(CA, CS)
(3064 Points)
Replied 18 September 2012
Dear Shravanthi,
the Rate is 25 % for Intangible Assets. but Comp Software falls under the Computers catagory and thus the rate ios 60%.
for IT, the classification is under Computer and COmp Software but as far as the accounting nature of the asset is concerned it is IA
Sravanthi
(CA Final ICWA Final & M.B.A)
(737 Points)
Replied 18 September 2012
Can u provide me Revised Schedules VI in excel format? with an Example I mean Financial statements of any Company as per revised schedule.
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 28 October 2012
FOE COMPANIES ACT SOFTWARE IS AN INTANGIBLE ASSET FOR WHICH RATE OF COMPUTERS CANNOT BE APPLIED. HENCE AS 26 COMES INTO PICTURE AND IT SHALL BE AMOETISED FORR A PERIOD LESS THAN 10 YRS
CAclubindia
