Depreication rates
This query is : Resolved
Munaga Suman
(Querist)
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
Amol S Joglekar
(Expert)
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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Munaga Suman
(Querist)
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
Amol S Joglekar
(Expert)
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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