Depreciation
This query is : Resolved
02 September 2010
Dear All,
Depreciation should be levied by income tax act or company act. Suppose value of any fixed assets is Rs.1,50,000/- and after some time depreciation is also Rs.1,50,000/-, at the time of closing books. Then we can show that fixed assets in book or not. What are the rates of depreciation applicable under both of the acts? Please help me out.
Thanks & Regards
Ravi Kant
Depreciation should be levied by income tax act or company act. Suppose value of any fixed assets is Rs.1,50,000/- and after some time depreciation is also Rs.1,50,000/-, at the time of closing books. Then we can show that fixed assets in book or not. What are the rates of depreciation applicable under both of the acts? Please help me out.
Thanks & Regards
Ravi Kant
02 September 2010
Fixed assets will be shown in the Gross Block till it is sold or disposed off.
Rate of Dep as per IT Act---
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=4a23cee1-1818-45d6-ab19-f155e08ed789&rNo=&sch=&title=Taxmann
Rate of Dep as per Companies Act---
https://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Company%20Act
Rate of Dep as per IT Act---
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=4a23cee1-1818-45d6-ab19-f155e08ed789&rNo=&sch=&title=Taxmann
Rate of Dep as per Companies Act---
https://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=RATES%20OF%20DEPRECIATION&Parent=Utilities&Current=Rates%20of%20Depreciation%20Under%20Company%20Act
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02 September 2010
Rate of dep as per IT act : Link is not working.
Please let me know, which rate of depreciation and which method is used in general practice.
Thanks
Please let me know, which rate of depreciation and which method is used in general practice.
Thanks
02 September 2010
In practice WDV method is followed.
In books we provide depreciation as per companies act, but while calculating income from business for income tax calculation we take depreciation as per income tax act.
Link of It dep---
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=4a23cee1-1818-45d6-ab19-f155e08ed789&rNo=&sch=&title=Taxmann
In books we provide depreciation as per companies act, but while calculating income from business for income tax calculation we take depreciation as per income tax act.
Link of It dep---
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=4a23cee1-1818-45d6-ab19-f155e08ed789&rNo=&sch=&title=Taxmann
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02 September 2010
Thanks u very much Sir,
I did not check properly, actually Rate of Dep as per Companies Act--- Linke is not working.
Sorry....... Please send once again this link
Thanks once again
Ravi Kant
I did not check properly, actually Rate of Dep as per Companies Act--- Linke is not working.
Sorry....... Please send once again this link
Thanks once again
Ravi Kant
02 September 2010
https://www.taxguru.in/company-law/rates-of-depreciation-under-the-companies-act-as-mentioned-in-schedule-xiv.html
https://www.apurvrelan.com/Depreciation%20Chart%20As%20Per%20Companies%20Act.pdf
Check above links.
https://www.apurvrelan.com/Depreciation%20Chart%20As%20Per%20Companies%20Act.pdf
Check above links.
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