hi friends can u pls tell me whether the depreciation rate as per companies act is correct or not...........
Nokia Mobile 13.91%
Godrej Safe 10%
Digital Camera 13.91%
Printer 40%
16 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 06 September 2010
YES CORRECT. GO AHEAD..
Arvind Sharma
(ACA)
(1432 Points)
Replied 06 September 2010
yes...,
you can refer Schedule XIV of the Co. Act...
Santosh
(Student ( Final Year - New ))
(348 Points)
Replied 07 September 2010
Yes Govind very correct as per co. act. Go ahed........
Parul Agarwal
(Qualified Chartered Accountant)
(52 Points)
Replied 07 September 2010
Yes dear. its all correct..
Nimish Jain
(Internal Auditor/CA final student)
(240 Points)
Replied 07 September 2010
YES...they are correct
Ramees
(CA Final Student)
(87 Points)
Replied 07 September 2010
Printer ---40% ..........?
That Means Printer included under Data Processing Machine including Computers....?
Please Clarify....
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 07 September 2010
yES, RAMEES, PRINTER IS CHARGED @ 40% AND WILL BE INCLUDED UNDER DATA PROCESSING MACHINE INCLUDING COMPUTERS.
REGARDS,
MANOJ
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 07 September 2010
click on the below link
/share_files/depriciation-rates-as-per-companies-act-30365.asp
Mayur Arora
(CA Final)
(295 Points)
Replied 07 September 2010
Under which head u r treating it?
According to me u should treat it under "FURNITURE & FIXTURE" & accordingly charge 18.1% as the depreciation rate under Companies Act
Pls correct me if i m wrong
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 08 September 2010
DEAR MAYUR,
PRINTER IS ONE OF THE DATA PROCESSING MACHINE. DATA PROCESSING MACHINE MEANS ANY MACHINE THAT PROCESS THE DATA. SO COMPUTER WOULD DEFINATELY COME UNDER THAT HEAD, SECONDLY PRINTER IS DATA PROCESSING MACHINE, COZ IT PROCESS THE DATA RECEIVED FROM CPU AND GIVES THE OUTPUT IN FORM OF HARD COPY. SO FRM THIS TERMINOLOGY, I WOULD 100% SURE THAT IT WOULD COME UNDER DATA PROCESSING MACHINES AND CHARGEABLE AT THE RATE OF 40% UNDER WDV METHOD.
REGARDS,
MANOJ
Mayur Arora
(CA Final)
(295 Points)
Replied 08 September 2010
Sorry Manoj,
I was talking about SAFE, so pls clarify that whether the dep. rate on it is 10% or 18.1%.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 08 September 2010
FOR SAFE, UNDER INCOME TAX ACT DEPRECIATION RATE IS 10% AND UNDER COMPANIES ACT, IT IS 18.10% AS U SAID CORRECTLY.
REGARDS,
MANOJ
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