Depreciation Schedule as per Companies Act 1956

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sreenath (Querist)
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26 August 2010 Dear sir

we want to Finalize our Accounts for the AY 2009-10. My problem is Our Company is sold a Vehicle on 31-08-2009 for Rs. 850000/-the cost of Vehicle on 12-10-2007 is Rs. 1175420/- on the same Block of assets One more Vehicle is there. Now my Question is According to Income Tax and Companies Act How can i Show the Deletion of Vehicle. Please can any Body tell me the Detailed Procedure of Depreciation Schedules as per Companies & Income Tax Act. Whether it is possible Please Provide me the Depreciation Schedules Formats. and finally in Dep Schedule as per Companies Act How much i want to Show in Deletion Column as Original asset Value or Sale Value or WDV of the Asset. Very very Urgent.

CMA Chandan Singh

CMA Chandan Singh (Expert)
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26 August 2010 first of all reduce the total gross value of assets from sell column in fixed assets register, than charge the dep. for the current year & deduct the total depreciation charged throughout the life of assets into adjustment column.
Rate of Dep. as per companies act 25.89% (WDV) & 9.50% (SLM)
Dep as per IT Act 15%

You only adjust thease calculation with the sold vehicle.

sreenath

sreenath (Querist)
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26 August 2010 Can you Please send me the Depreciation Schedule Format

CMA Chandan Singh

CMA Chandan Singh (Expert)
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26 August 2010 you can get the rate of Dep. from the below mentioned path.

https://www.fastfacts.co.in/resources/DepCoAct.rtf

https://www.fastfacts.co.in/resources/DepIncomeTax.rtf

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