Rate of depreciation
This query is : Resolved
13 December 2012
can i charge depreciation at the rate lower then the rate specified in income tax act for income tax purpose?
14 December 2012
No.
Charging depriciation u/s 32 is not an optional and an assessee and should calim it accouring to a method prscribe us/32 of IT act 1961.
Charging depriciation u/s 32 is not an optional and an assessee and should calim it accouring to a method prscribe us/32 of IT act 1961.
14 December 2012
YOU CAN NOT CHARGE DEPRECIATION AGAINST THE SCHEDULE EITHER UNDER THE COMPANIES ACT OR INCOME TAX ACT.
14 December 2012
You have to compulsorily charge depreciation as per rate prescribed under Sec 32 for income tax purpose.
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14 December 2012
When the Income Tax Deptt has prescribed the rate of depreciation then why and how they will accept less.
You might be holding the view that charging less depreciation will increase your profits and will end by paying more income tax. Please note that income tax department would not be happy at such collection.
You might be holding the view that charging less depreciation will increase your profits and will end by paying more income tax. Please note that income tax department would not be happy at such collection.
15 December 2012
Its clearly mention that Depriciation is not an optional for assessee...
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