Depreciation rate?

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380 Points Posted on 20 August 2020
what is the depreciation rate for factory building for the fin year 2019-20
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On 20 August 2020 at 11:57 Report
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This discussion clarifies the depreciation rate for factory buildings for the financial year 2019-20. According to the Income Tax Act, the rate is 10%. For the Companies Act, the depreciation is based on the building's useful life, as detailed in Schedule II. Buildings not primarily for residential use, temporary structures, or those for water supply systems are depreciated at 10%.

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CA Student
15932 Points Posted on 20 August 2020
Originally posted by : SDR ASSOCIATES
what is the depreciation rate for factory building for the fin year 2019-20

10%

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On 20 August 2020 at 13:09
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Student CA Final
114 Points Posted on 21 August 2020
Rate as per Income Tax Act is 10%, for Companies Act rate is based on useful life , refer schedule II of companies act for the same.
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On 21 August 2020 at 10:24
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156 Points Posted on 22 August 2020
For buildings which are not mainly used for residential purposes and at the same time not a temporary erection, not a building used for providing water supply or water treatment systems, we need to depreciate @ 10%
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On 22 August 2020 at 16:25

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