Depriciation
This query is : Open
11 May 2012
Dear sir i have a proprietor ship trading business & i have fix assest office-2500000,car-500000 & furniture 150000 than we got exption of depriciation if yeas than how much
11 May 2012
Can you please clarify your query? What is exption?
11 May 2012
we got depriciation
11 May 2012
yes you can get depreciation on the assets you use for the purpose of business or profession.
The rates of depreciation shall be
Building - 10%
Car - 15%
Furniture or Fixtures - 10%
In case any asset has been put to use for less than 180 days in the given year, then only 50% of the above rates is available in that particular year. In case of deletion of any asset during the year, no depreciation is allowed in the particular year for that asset.
The rates of depreciation shall be
Building - 10%
Car - 15%
Furniture or Fixtures - 10%
In case any asset has been put to use for less than 180 days in the given year, then only 50% of the above rates is available in that particular year. In case of deletion of any asset during the year, no depreciation is allowed in the particular year for that asset.
11 May 2012
in proprietor ship firm incometax act & company act rate is differce
11 May 2012
In proprietorship, its better to use the rates of Income Tax Act because then there are no differences that lead to deferred tax calculations.
11 May 2012
what is deffer tax tell me sir
12 May 2012
Arises due to timing diffrences between accounting profit and taxation profits.which are capable of reversal in upcoming years.
km
km
12 May 2012
Agree with above both expert......
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Presumptive income under 2025 ACT
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
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
