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Depreciation

A/c entries 247 views 2 replies

J NETHRA

None

23 Points Joined February 2012

Dear all,

1. I am calculating depreciation to find out the profit for the year 2018-19. Should i go by IT calculation or i should calculate based on the days of the assets put to use?

2. what is the percent of depreciation calculated for stabilizers?

Looking forwards for your inputs. Thank you.

Regards,

J Nethra

Replies (2)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

1. Depreciation calculated based on two acts as i). Companies Act ii) Income Tax Act.
You can provide which one applicable to You.

2. As per IT act You can depreciate @ 10%

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

while calculating depreciation as per normal accounting rules then and company act us applicable then calculate depreciation as per rates specified under the act to arrive at the profit.