Depreication rates
This query is : Resolved
09 December 2015
IN SLM METHOD A PARTICULAR ASSET HAS 80% DEPRECIATION AS PER INCOME TAX ACT
CAN I CHARGE DEPRECIATION @ 15% P.A. ON SUCH 80% ASSETS
CAN I CHARGE DEPRECIATION @ 15% P.A. ON SUCH 80% ASSETS
09 December 2015
Sorry, not clear about your query....
what is 80%... is it the rate of depreciation as per Income tax Act?
and if it is the rate, for income tax computation you need to go by that rate.
what is 80%... is it the rate of depreciation as per Income tax Act?
and if it is the rate, for income tax computation you need to go by that rate.
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09 December 2015
Sir,
We are using a Plant & Machinery having a depreciation rate @ 80% p.a. as per Income Tax act.
We want to provide depreciation @ 15% p.a. in income tax return
can we do so.
early reply may be appreciated
thanks sir
We are using a Plant & Machinery having a depreciation rate @ 80% p.a. as per Income Tax act.
We want to provide depreciation @ 15% p.a. in income tax return
can we do so.
early reply may be appreciated
thanks sir
09 December 2015
No.
(Even if you do that, for the purpose of income tax computation the depreciation @ 80% shall be deemed to have been charged)
(Even if you do that, for the purpose of income tax computation the depreciation @ 80% shall be deemed to have been charged)
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