Manoj Asher (Service) (99 Points)
30 August 2010Sir i am in process of finalisation of account for partner ship firm my question is as follows
Firm has purchased computer on 12-03-2010 so for that Depreciation rate is 60%
Since the said plant & machinary is purchased less than 90 days , i have charged rate of interest @ 15%
Now please clarify me the rate of depreciation worked as per above i.e. 15% is correct or should i charged
@ 30 % ie.50% of the total 60% deprecaition rate.
I need urgent help from you.
Thanks
Manoj Asher
sudhakar ca cwa
(service)
(1518 Points)
Replied 30 August 2010
as per income tax act you need to charge depreciation @ 30% .
otherwise we need to charge depreciation on the basis of days i.e. here we need to charge for 20days (31-12) for better presentation of accounts.
BALJEET SINGH
(ARTICLE)
(28 Points)
Replied 30 August 2010
simple logic if addition in second half than charged half depreciation that is 30%
even the computer is purchased on the last date of march than treated as addition in second half charged half year depreciation
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8143 Points)
Replied 30 August 2010
agreed with experts.
if asset is purchase or put to use before 30 sept then full rate of dep will be charged i.e for computer 60%
if asset is purchase or put to use after 30 sept then half rate of original rate will be charged i.e for computer 30%
Pankaj Choudhary
(Accounts Manager)
(60 Points)
Replied 30 August 2010
Agreed with Mr. Bijender Kr. Bansal If you purchase an assets before 30th Sept. than full and if after 30th Sept. than half it means 30%.
Gokul Viswanath Shenoy
(Company Secretary & Finance Manager)
(430 Points)
Replied 30 August 2010
it's obviously 30% for the computer & accessories block for the relevant ay10-11 as it's used for less than 180 days.
Ranotosh Podder
(ca student)
(394 Points)
Replied 31 August 2010
| Originally posted by : sudhakar ca cwa | ||
 |
as per income tax act you need to charge depreciation @ 30% . otherwise we need to charge depreciation on the basis of days i.e. here we need to charge for 20days (31-12) for better presentation of accounts. |
 |
varun jain
(student)
(36 Points)
Replied 31 August 2010
ya depreciation should be charged @ 30% as per income tax act.
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