CALCULATION OF DEPRECIATION

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Kumar Gaurav

Going...to be C.A soon...

1055 Points Posted on 05 July 2007

HI,

CAN ANYBODY TELL ME THE CALCULATION OF DEPRECIATION IN PARTNERSHIP FIRM

HERE IS THE DETAILS.FOR THE F.Y 2006-07

ON COMPUTER: BEFORE SEP. ON 33500/-

AFTER SEP. ON 18950/-

AND ON FURNITURE & FITTINGS

BEFORE SEP. ON 73136/-

AFTER SEP. ON 7305/-

PLZ TELL ME AS SOON AS POSSIBLE

THANKS IN ADVANCE

GAURAV

Replies (6)

Jitender

Chartered Accountant

8027 Points Posted on 05 July 2007

in partnership firm u can choose income tax rates which is 60 % on comp,10% f & f. and concept of 180 days is only applied for computation purposes only.

Jayant Shaligram

Service

116 Points Posted on 05 July 2007

Hi Gaurav. I have seen some of your querries. It will be handy to have a small referencer or an Income Tax ready recckoner, which may be of great help to you. It will give you some ready made answers and you need not have to wait for posting a querry and its answer. Please take this in good spirit. I do't want to hurt you. Jayant Shaligram

Shyam Lal Naik

Service

5656 Points Posted on 05 July 2007

Plant & Machinery(Rate = 60%) Computer on Rs. 33500 @ 60% = Rs. 20100 on Rs. 18950 @ 30% = Rs. 5685 Total Rs. 25785 Furniture & Fixture(Rate = 10%) on Rs. 73136 @ 10% = Rs. 7314 on Rs. 7305 @ 5% = Rs. 365 Total = Rs. 7679 Gross Total = Rs.33464

kiran kumar

articleship

35 Points Posted on 05 July 2007

basic tips for calculation of depreciation

kiran kumar

articleship

35 Points Posted on 06 July 2007

show the details of tax calculation

tushar jain

Service

80 Points Posted on 09 July 2007

depreciation is calculated on block of assets. the block of assests is made on 31.03 of every financial year. in your question the block of assets will be made on 31.03 and depreciation will be charged on the value of block. There shall be no calculation of 180 days in your question since you hav sold the assets and not purchased any asset after september.