Shubham Nagpal (Sales tax Audit & Tax Compliance) (255 Points)
28 August 2014There is a Person whose books containes some of the fixed assets and i want to know what rates of depreciation should be charged :
it can be as per Companies Act 1956 or any other provision will be applicable..?\
Experts rply ASAP. Thank You.
Ashish Tewani
(CA Final Article at V.P. Mehta & Co.)
(83 Points)
Replied 28 August 2014
Depreciation under Income Tax Act, 1961 (WDV)
=> 1, 2, 4, 5, 6, 7, 8, 10 - 10 percent (Block 4)
=> 3 - 60 percent (Block 10)
=> 9 - 15 percent (Block 5)
Note: No need to charge depreciation under Companies Act, as it is applicable only to companies.
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