depreciation details for machinery, computer, furniture,
7 Replies
K R Ramesh
(Service)
(201 Points)
Replied 22 April 2009
Both income tax & companies act rates are available in share folder
VARUN
(PCC STUDENT)
(523 Points)
Replied 22 April 2009
according to income tax act
computer-60%
machinery-15%
furniture-10%
CMA KNVV Sri Vidya - Sri Kanth
(C.A.Final (New) ICWAI FINAL (New))
(11269 Points)
Replied 22 April 2009
income tax act
computer-60%
machinery-15%
furniture-10%
Darshu
(CA)
(1580 Points)
Replied 23 April 2009
Yes...
Depreciation would be charged as follows :
Machinery : 15 %
Computer : 60 %
Furniture : 10 %
Parveen Thakur
(CA)
(32 Points)
Replied 23 April 2009
Hi Kannan
Mr. Varun, Shir Vidya and Darshu have written exactly right answer but it is not complite as they have not maintioned the Additional Depreciation available to the manufacturing concern against new plant and machinery. They can claim 20 % extra deprecialtion in first year. It is not available, if concern have bought any old machinery.
Normaly rate of depreciation as per income tax act
Computer 60%
Furniture 10%\
Plant & Machinery 15%
thanks
Praveen Thakur
CA. Narendra Kumar
(ACA ...ACS)
(81 Points)
Replied 23 April 2009
Dep. on Fixed Assest having two ways one is under income tax & Companies act.
please see share file.
Regards.
Narendra
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
