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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Two pancard
- Regarding E-invoice Generation
- Forgot to update debit note in gst
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Can we claim ITC in 28%
- GST APPLICATION
- Wrongly goods delivered to other state
- TDS on Immovable property to an NRI
- ADDITIONAL PLACE OF BUSINESS DOCUMENTS
- Ferrous scrap purchased for Rs 50000 cash payment is allocable
- Interest on borrowed capital rental income
- TDS APPLICABILITIY
- Issue with PTEC Registration – PAN Already Used
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
