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
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.
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.
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