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.
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- ARCA LOGIN
- Movement of goods by packers and movers - type of sale - Reg.
- RCM and same line
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Appointment of Auditor By Form ADT-1
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
