There is a Person whose books containes some of the fixed assets and i want to know what rates of depreciation should be charged :
it can be as per Companies Act 1956 or any other provision will be applicable..?\
Experts rply ASAP. Thank You.
Depreciation under Income Tax Act, 1961 (WDV)
=> 1, 2, 4, 5, 6, 7, 8, 10 - 10 percent (Block 4)
=> 3 - 60 percent (Block 10)
=> 9 - 15 percent (Block 5)
Note: No need to charge depreciation under Companies Act, as it is applicable only to companies.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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