banner_ad

Rates

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 December 2009 I want a depreciation Rates for 2009-10. This rate is charged on Income tax act or Companies Act? I think Income tax Act Its correct or not?
Profile Image

CA SURENDRA KUMAR RAKHECHA

Profile Image

CA SURENDRA KUMAR RAKHECHA (Expert)
08 December 2009 Depreciation rates are different in Companies Act and Income-Tax Act.

For true and fair view of the financial statements; generally the rates specified in the Companies Act is taken. If the useful life is different as per the management; they can charges depreciation accordingly. However; this will be shown in notes on accounts.

Income-Tax allows different rates for which you can refer Ready Reckoner. Additional depreciation is also allowed in case new plant and machinery etc. have been installed.

Hope your concept is clear. For Rates of Depreciation you have to refer Companies Act for accounting purpose and Ready Reckoner for Income Tax Purpose.

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


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details