please tell me the latest dep. rates of assets as per companies act
rahulbansal
(Accountant)
(51 Points)
Replied 17 June 2008
Dear Sir,
I think Rs. of 5000/- Items not required to input Fixed Asstes. You Book in exp.
Sumit
(CA Practice )
(675 Points)
Replied 17 June 2008
Even for Items amounting to Rs.5000/- , you are required to treat it as fixed assets for income tax purpose though our accounting standard 6 says that you can fully write off the asset amounting to Rs.5000/- or less but it is only in case of companies act and not in case of income tax act
girish mangla
(practice)
(206 Points)
Replied 08 July 2008
depreciation on generator will be charged @ 15%p.a.
girish mangla
(practice)
(206 Points)
Replied 08 July 2008
UPS is not the part of an asset. therefore no deprecation rate shall be applicable.
| Originally posted by :Guest | ||
| " | depreciation rates for companies act and income tax act | " |
Can u mail me full depreciation chart as per Income Tax act & Companies act
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