Depreciation

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This query is : Resolved

CA Roshan Jha (Querist)

03 January 2014 Dear sir,

Bank is charging penal interest to default borrowers for default on account of submission of stock statements. What will be the treatment for that penal interest received?.As the bank is directly crediting to general reserve .

Thanks in advance.

Nitin mathur

Nitin mathur (Querist)

03 January 2014 Dear sir,
What is the date of announcing result of CPT,
IPCC & FINAL.

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2014 hello,
I have a query regarding depreciation to be charged on working containers.
Certain containers in which the manufacturing process of jewellery will be done..

At what Rate depreciation is charged as per companies act and Income Tax Act?

whether it is taken as building, temporary errections or plant??

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 January 2014 answer to query 1. No it is goes to profit and loss a/c. how does general reserve come into picture??

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 January 2014 date of result not yet announced. Kindly wait for the notification.

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 January 2014 the containers should form part of plant and machinery. refer to act for the rate of depreciation.

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2014 it is a type of builing errection...n all work is done inside it on machines installed..so the container can it b part of building??

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 January 2014 in such a case you may include the same in building. normally word container is not used for referring to building. So the earlier comment was based on general usage of word container.