Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2011
As per my knowledge, At present for purchase of New Commercial Vehicle, Depreciation rate is @ 50% as per IT Act.
But as per Company act Depreciation rate 25.89%
I am individual,
So which Rate of Depreciation i have to apply in books of Account ? and
Which rate of Depreciation consider for computing tax ?
But as per Company act Depreciation rate 25.89%
I am individual,
So which Rate of Depreciation i have to apply in books of Account ? and
Which rate of Depreciation consider for computing tax ?
22 July 2011
RATE PRESCRIBED UNDER COMPANIES ACT, 1956 IS FOR COMPANIES ONLY. INDIVIDUAL ASSESSEES SHOULD FOLLOW THE RATE PRESCRIBED IN THE INCOME-TAX ACT, 1961.
25 July 2011
I agree with the expert
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