Depriciation
This query is : Resolved
24 February 2012
Dear Sir,
i have P. Ltd company than which depriciation method is good for p. ltd copany how calculate depriciation as per income tax & as per company act & how pass entry in tally
i have P. Ltd company than which depriciation method is good for p. ltd copany how calculate depriciation as per income tax & as per company act & how pass entry in tally
24 February 2012
Company can follow any method of Straight line method or Written down value method, but should follow consistency, minimum rates as per prescribed by the Companies act
Under Income tax only need to follow written down value method as per maximum rates prescribed by the Income tax
only depreciation under companies act need t be booked in the books of accounts. Income tax depreciation you need to calculate and apply for tax calculation purpose
Under Income tax only need to follow written down value method as per maximum rates prescribed by the Income tax
only depreciation under companies act need t be booked in the books of accounts. Income tax depreciation you need to calculate and apply for tax calculation purpose
24 February 2012
thx sir,
i want to one example if i purchase computers as on 23/02/2012 of Rs. 342000 how i calculate as per incometax & company act & how pass entry in tally
i want to one example if i purchase computers as on 23/02/2012 of Rs. 342000 how i calculate as per incometax & company act & how pass entry in tally
24 February 2012
Under Income tax apply the Depreciation rate on asset value
suppose rate us 16.21%
Rs.342000x16.21%x 1 Month & 7 days/12
Entry Dr: Depreciation a/c
Cr: Provision for Depreciation a/c
Under Income tax apply depreciation rate on asset value. and calculate depreciation. since the asset is used below 180days during the year. so only 50 % of depreciation can be claimed
no entry required under Income tax
suppose rate us 16.21%
Rs.342000x16.21%x 1 Month & 7 days/12
Entry Dr: Depreciation a/c
Cr: Provision for Depreciation a/c
Under Income tax apply depreciation rate on asset value. and calculate depreciation. since the asset is used below 180days during the year. so only 50 % of depreciation can be claimed
no entry required under Income tax
24 February 2012
thak u very much sir for guide line.
in whitch head put provision for depriciation,derpriciation put in direct exp. & this entry any reverse entry made in next year
in whitch head put provision for depriciation,derpriciation put in direct exp. & this entry any reverse entry made in next year
24 February 2012
Provision for depreciation need to be created under Fixed asset head only.
Depreciation under Indirect expenses
no reversal entry made, in case while deletion or sale of assets, provision for depreciation need to be adjusted with asset cost
Depreciation under Indirect expenses
no reversal entry made, in case while deletion or sale of assets, provision for depreciation need to be adjusted with asset cost
24 February 2012
thk u sir,
Dear Sir,
in this year my company profit is 40 lakh & i want to give 2 director & 3 marketing employee each person 50,000/- insentive or bonas than how pass entry in tally in which head & in this amount Tds deducted or while form -16 made that time deducted this income include in form-16
Dear Sir,
in this year my company profit is 40 lakh & i want to give 2 director & 3 marketing employee each person 50,000/- insentive or bonas than how pass entry in tally in which head & in this amount Tds deducted or while form -16 made that time deducted this income include in form-16
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
