depreciation rates

Originally posted by : laxmikant

Hello Friends

 i am newly suscriber for this good website........ so i need some information about depreciation on

1.Moter Car

2.TV And AC

3.Computer and laptop

depriciation available strictly against business income 

 

motor car @ 15%

TV & AC 15%

computer & Laptop 60%

Originally posted by : soni
I want to know rates of Depreciation as per income tax act & indian company act. What is the main difference between income tax act & indian company act.
I want to know, we always add dep (as per company act) in PGBP and less dep (as per income tax act)in PGBP.
Please guide me
 

THE ALLOWANCE OF DEP IN TAX IS FOLLOWED BY DEP RATES AS PER IT ACT , WHILE U ALREADY HAD CHARGED DEP OF CO. ACT RATES;

   HENSE WE FIRST ADD BACK DEP OF CO. ACT RATES TO DISALLOW IT AND LESS DEP OF IT ACT. TO CALC TAXABLE INCOME.

Originally posted by : soni
I want to know rates of Depreciation as per income tax act & indian company act. What is the main difference between income tax act & indian company act.
I want to know, we always add dep (as per company act) in PGBP and less dep (as per income tax act)in PGBP.
Please guide me
 

THE ALLOWANCE OF DEP IN TAX IS FOLLOWED BY DEP RATES AS PER IT ACT , WHILE U ALREADY HAD CHARGED DEP OF CO. ACT RATES;

   HENSE WE FIRST ADD BACK DEP OF CO. ACT RATES TO DISALLOW IT AND LESS DEP OF IT ACT. TO CALC TAXABLE INCOME.

If furniture and other fixed assets are purchased after incorporation but before commencement of business...can we claim depreciation on such furniture and if yes how to treat this dep. in the books of accounts after commencement???

 

Depreciation on furniture calculate at 10%

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