Depreciation rate?
SDR ASSOCIATES (380 Points)
20 August 2020
what is the depreciation rate for factory building for the fin year 2019-20
3 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 20 August 2020
| Originally posted by : SDR ASSOCIATES | ||
 |
what is the depreciation rate for factory building for the fin year 2019-20 |  |
10%
Himanshu
(Student CA Final )
(114 Points)
Replied 21 August 2020
Rate as per Income Tax Act is 10%, for Companies Act rate is based on useful life , refer schedule II of companies act for the same.
GNYANA UPANISHAD
(156 Points)
Replied 22 August 2020
For buildings which are not mainly used for residential purposes and at the same time not a temporary erection, not a building used for providing water supply or water treatment systems, we need to depreciate @ 10%
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