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Depreciation rate for pvt ltd companies (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
18 April 2012



Dear sir


Am jeevan am working in private ltd company.can u tell depreciation rate for asset like computer and laptop and projector etc


CMA. CS. Sanjay Gupta

( Expert )
18 April 2012

As per Companies Act = 40%
As per Income Tax Act = 60%


Author : Anonymous

( Author )
18 April 2012

Thank u but which method wdv slm to calculated


CMA. CS. Sanjay Gupta

( Expert )
18 April 2012

Written Down value Method.


Author : Anonymous

( Author )
18 April 2012



Can u tell me tds rate for 2011-2012


CMA. CS. Sanjay Gupta

( Expert )
18 April 2012

http://www.caclubindia.com/share_files/tds-rate-chart-ay-08-09-to-ay-12-13-43866.asp

Check out the file from above link.


CA Kishore, Cert IFRS & Valuer

( Expert )
18 April 2012

Check out from this link
http://www.simpletaxindia.net/2012/04/tds-rate-chart-fy-2012-13-tcs-rates.html
Also, as per books of accounts, a company have a right to follow WDV method or SLM Method. But as per Income tax, only WDV method has to be followed.
Also, depreciation on projector is 13.91% WDV Basis as per companies act and 15% as per income since it is classified under Office equipment but not under computers.


Tushar Desai

( Expert )
18 April 2012

Mr Jeevan,

you need to calculate your Depreciation value as per both the acts i.e., the Companies Act, & the Income Tax Act.

Your Income Tax payable will be counted with Depreciation value as per Income Tax Act.

However, the difference between the two calculations is your Deferred Tax. You need to deduct this Deferred Tax amount & show the final figures in your Annual Report.


swasti

( Expert )
18 April 2012

As per Companies Act :
Computers & Laptops WDV 40% / SLM 16.21%
Projectors WDV 13.91% / SLM 4.75%

As per Income Tax Act :
Computers & Laptops 60%
Projectors 15%


Author : Anonymous

( Author )
18 April 2012



DEAR SIR


CAN U EXPLIAN TDS CALCULATION PROCEDURE





CA Kishore, Cert IFRS & Valuer

( Expert )
18 April 2012

Expenses/Payments other than rent:
As a % on Expense amount including service tax.
Eg: Bill Amount - Rs. 10,000 (194J)
Service tax - Rs. 1,030 (10.3%)
TDS = 11,030 * 10% = Rs. 1,103.
In case of Rent:
TDS = Rs. 10,000 * 10% = Rs. 1,000.


Author : Anonymous

( Author )
18 April 2012



dear sir


Any one can send me balance sheet of april 2011 to march2012 with depreciation calcultaion on asset




Anand

( Expert )
23 April 2012

you can check annual report of any listed company for your reference.:-):-)


Anand

( Expert )
23 April 2012

you can check annual report of any listed company for your reference.:-):-)


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