Depreciation Schedule as per Companies Act 1956
This query is : Resolved
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.
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
(Expert)
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.
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.
CMA Chandan Singh
(Expert)
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
https://www.fastfacts.co.in/resources/DepCoAct.rtf
https://www.fastfacts.co.in/resources/DepIncomeTax.rtf
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
