Dep. Rates

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$AcH!n G

$AcH!n G (Querist)
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24 May 2008 Pls tell me What's the depreciation rate for all depreciable assets.

mayur

mayur (Expert)
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24 May 2008 hi sachin,

to provide dep, an asset must be a depreciable assest, while providing depreciation also see the compliance of accounting standard 6 and while preparing financial statemtns of companies minimum rates of depreciation speceied in schedule xiv of companies act,1956.and for income tax purposes the rates specified in income tax act

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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25 May 2008 Please note that the rates provided under schedule XIV is minimum depreciation. If your assets depreciates faster than that rate, the accelerated rate should be provided for. But irrespective of what you provide in your books, depreciation is allowed only in block basis at the specified rates under IT Act.

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