Depriciation

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SAMIR DESAI (Querist)
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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

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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11 May 2012 Can you please clarify your query? What is exption?

SAMIR DESAI

SAMIR DESAI (Querist)
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11 May 2012 we got depriciation

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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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.

SAMIR DESAI

SAMIR DESAI (Querist)
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11 May 2012 in proprietor ship firm incometax act & company act rate is differce

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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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.

SAMIR DESAI

SAMIR DESAI (Querist)
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11 May 2012 what is deffer tax tell me sir

ca cs shriyans jain

ca cs shriyans jain (Expert)
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12 May 2012 Arises due to timing diffrences between accounting profit and taxation profits.which are capable of reversal in upcoming years.

km

CA Rakesh Goenka

CA Rakesh Goenka (Expert)
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12 May 2012 Agree with above both expert......

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