DEPRECIATION AS PER COMPANIES ACT


Karuna Sethi (CA)     05 June 2010

Karuna Sethi
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PLZ TELL ME WHETHER DEPRECIATION AS PER COMPANIES ACT IS CHARGED ON FULL COST OF THE ASSET OR 95%?

IF IT IS 95% PLZ TELL ME THAT WHERE IT SI WRITTEN?

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Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))     05 June 2010

Kalpesh Chauhan,
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Ya it is charged on full cost of the asset not 95%.

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Varun.T.K (CA Final, CS Executive)     05 June 2010

Varun.T.K
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No doubt...On the full cost of asset.

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Mayank Saraogi (Learner)     06 June 2010

Mayank Saraogi
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even my knowledge says it has to be on full cost (what i have been doing these tears )

I m not mocking u but could u plz tell me the source for ur query????

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varun gupta (Senior Accounts Officer)     06 June 2010

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As per companies act , depreciation will be provided on full cost of asset. maximum depreciaton u could provide on fixed assets in 95%(cumulative)of cost. WDV of asset cannot go below 95% unless discarded.

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Rahul (CA Practice )     06 June 2010

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Agrred with Varun

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Mayank Saraogi (Learner)     06 June 2010

Mayank Saraogi
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ooo yes mr. varun thnx for reminding me

I totally forgot tht Karuna was getting confused for this reason

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Karuna Sethi (CA)     08 June 2010

Karuna Sethi
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"As per companies act , depreciation will be provided on full cost of asset. maximum depreciaton u could provide on fixed assets in 95%(cumulative)of cost. WDV of asset cannot go below 95% unless discarded."

thanx

but  plz tell me the source


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