Dear Members,
Kindly tell me what are the depreciation rates for unspecified items (as per companies act and Income Tax Act).
How will be the depreciation calculated for the items not specified in the schedules and acts.
Kindly tell me the relevant law and section.
95% of the value of F.A.
as per Comp. Act
Thanks Praveen.
Where it is mentioned in Companies Act. ?
as per section 205(2)
95% of asset / life of asset.
But I think its only for the purpose of declaring dividend.
As it is written " For the purpose of sub section (1).
Is that section applicable, generally too ?
yes..very much.. no where we can find provisions exclusively for depreciation.. even for the purposes of declaring dividend u need to follow schedule XiV or any other manner as specified.
CAclubindia
