Rate of depreciation?

This query is : Resolved

Vipul (Querist)
Follow

08 July 2011 Can somone please confirm if the following rates are right or not as per COMPANY'S ACT ???

Computers - 16.21% SLM
Furniture and Fittings - 6.33% SLM
Office Equipment (Can it be taken under Furniture and Fittings) - 6.33% SLM
Vehicles - 9.5%
Computer Software - Intangible Asset? - 10% SLM

CA Navin Jain

CA Navin Jain (Expert)
Follow

08 July 2011 all rate is right except software

Software is an intangible asset and for depreciation on the same you will have to refer AS - 26 on intangible assets and the same should ideally be written off over a period of 5 years but not more than 10 years as per the standard

Vipul

Vipul (Querist)
Follow

08 July 2011 10% slm would be a write off over 10 years if im not mistaken ?

Abhishek

Abhishek (Expert)
Follow

17 July 2011 I think the students should also make some effort to open the books given by the institute or they can search even on the internet.

Vipul

Vipul (Querist)
Follow

17 July 2011 i agree with you abhishek, but you should understand that CA is course which requires regular updation. the rates i mentioned above were taken from the institute book only and i just wanted to confirm them, which is why i posted this question in the first place.
my main doubt was over office equipments and software. Software i know is under as26 so no problem there. office equiments is where i am not clear.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now