Shridhi Jain (Company Secretary) (1678 Points)
31 March 2011Dear Members,
Kindly tell me what are the depreciation rates for unspecified items (as per companies act and Income Tax Act).
How will be the depreciation calculated for the items not specified in the schedules and acts.
Kindly tell me the relevant law and section.
CA. Praveen Gupta
(CA )
(346 Points)
Replied 31 March 2011
95% of the value of F.A.
as per Comp. Act
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 31 March 2011
Thanks Praveen.
Where it is mentioned in Companies Act. ?
CA Sandeep Kumar
(Audit Assistant)
(804 Points)
Replied 01 April 2011
as per section 205(2)
95% of asset / life of asset.
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 01 April 2011
But I think its only for the purpose of declaring dividend.
As it is written " For the purpose of sub section (1).
Is that section applicable, generally too ?
CA Sandeep Kumar
(Audit Assistant)
(804 Points)
Replied 01 April 2011
yes..very much.. no where we can find provisions exclusively for depreciation.. even for the purposes of declaring dividend u need to follow schedule XiV or any other manner as specified.
CAclubindia
