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Depreciation

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Querist : Anonymous

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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 ?
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CA. AJIT KUMAR MURARKA

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CA. AJIT KUMAR MURARKA (Expert)
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.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
25 July 2011 I agree with the expert




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