Depreciation Rate ??
This query is : Resolved
Abhishek gupta
(Querist)
25 July 2009
While preparing the books of accounts what should be the rate of depreciation to be used for the Plant and machinery and motor cars ?
Is it advisable to use the rate as specified in the income tax act ?
Is it advisable to use the rate as specified in the income tax act ?
CA.Tarun Maheshwari
(Expert)
25 July 2009
If you are not a company assessee, then you can take rates of Income tax. For a company assessee, it is mendatory to take rates of depreciation as specified in Companies Act 1956.
Manmohan ACA, CS
(Expert)
26 July 2009
agree
26 July 2009
adding to the above,
As an individual, it is advisable for u to take Income tax rates of depreciation, as then u will have to make just 1 Fixed assests Schedule both for books of A/cs and Tax.
As an individual, it is advisable for u to take Income tax rates of depreciation, as then u will have to make just 1 Fixed assests Schedule both for books of A/cs and Tax.
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