Depreciation

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23 Points Posted on 22 April 2019

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

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On 22 April 2019 at 12:30 Report
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"Do the Right Thing...!!!"
77792 Points Posted on 22 April 2019
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%
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On 22 April 2019 at 12:54
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Team Lead
5675 Points Posted on 22 April 2019
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.
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On 22 April 2019 at 13:30

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