RATE OF DEP IN CASE OF THE SCHOOLS

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

02 September 2010

HELLO FRIENDS, CAN ANYBODY PROVIDE ME THE DEP RATES APPLICABLE TO THE EDUCATIONAL INSTITUTE

WHAETHER 180 DAYS CONDITIONS APPLICABLE TO THE SCHOOLS ALSO.

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6 Replies

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors) (2195 Points)
Replied 02 September 2010

Dear Raj,

As per income tax act, there is no difference between schools and other inst. hence, the same dep, rates are to be applied (Unlike in the co. act)

Sunil Kumar Nagpal (CA Final M.Com UGC (NET)) (95 Points)
Replied 02 September 2010

Dear friend,

There is no distinguish rule regarding the depreciation rates for Educational Institutions.

180 days condition will also be applicable

RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 02 September 2010

BUT IN GUIDANCE NOTES FOR SCHHOLS DIFFERENT RATES ARE GIVEN.

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors) (2195 Points)
Replied 02 September 2010

Dear Raj Kumar,

Can u pls be more specific about the guidance note. Do u mean the G.N. On Tax audit issued by ICAI

RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 02 September 2010

GUIDANCE NOTE ON ACCOUNTING OF SCHOOLS ISSUED BY ICAI.

RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 02 September 2010

GUIDANCE NOTE ON ACCOUNTING FOR SCHOOLS

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