Depreciation doubt

friends pls answere to the following

we have the following assets

computer-4560/-

furniture--25628.96

furniture at other branch--25047

genarator--255000

machinary--16084

tata sky & television--30000/-

telephone equipmnet--7603

vehiciles--368975.95

friends ! for the assesement year 2010-11 we are goinig to file return ; for this purpose  what are the depreciation rates for the above assets, we need to concern income tax depreciation rates or companies act rates? ours is a PARTNERSHIP FIRM, thanks ini advance pls reply me friends.

Replies (13)

THE RATE OF DEPRICIATION UNDER INCOME TAX IS AS FOLLOWES: (COMPANIES ACT NOT APPLICABLE AS U ARE A FIRM)

Computer-4560/-                                  60%

furniture--25628.96                              10%

furniture at other branch--25047        10%

genarator--255000                                 15%

machinary--16084                                  15%

tata sky & television--30000/                 15%-

telephone equipmnet--7603                  15%

vehiciles--368975.95                                15%

Agree with Trilochan

agree with above

Thanks for full Details about Depriciation Charges

 


 

trilochan is correct                                 

Above Right said...

Agree with Trilochan

Agree wid all

The Answer is partial RIGHT . Method of Depreciation is missed . So far i Know , for Computer and Car - WDV Method, for others SLM .

Kangabanik is right

Sec 32 of income tax act says that the assets should be depreciated under WDV method except incase ofr power units.

hence above quiery deals with WDV method only there is no doubt regarding that.

Originally posted by : arjun s

Sec 32 of income tax act says that the assets should be depreciated under WDV method except incase ofr power units.

hence above quiery deals with WDV method only there is no doubt regarding that.

 As per Sec 32 - WDV  method is prescribed . So , in the above case WDV method is to be applied . What i had said in my previous post - related to Salary . Sorry for that unintentional Error. Thanks for pointing out this.

From where to download the latest (for year 2012-13) DEPRICIATION RATES applicable?

Also, for computer, Set top boxes, TV, furniture & Telephone-sets, which method to be applied WDV or SLM?

 

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