Depreciation rates for fixed assets

What do you eman by firm assets.  Do you want to say partneship Firm?

Yes Sir

Yes as per Companies Act, the depreciation rates on assets are prescribed in Schedule XIV of the companies Act, so they have to apply the depreciation rates as prescribed in this schedule.

For partnership firms the partnership Act does not prescribe any depreciation rates. So they have to apply the dpereciation rates as prescribed under the Income-Tax Act.

Also the Companies while calculating their taxable Income under the Income-Tax Act have to apply depreciation rates as prescribed under the I-T Act & not as per the Co's Act. 

however for accounting purposes Co's can also adopt the depreciation rates as prescribed under the I-T Act if it wish to do say provided that the rates prescribed under the I-T Act for the particular asset is higher than the rate prescribed under Schedule XIV of the Co's Act.

Ooooooooooooh ......!!!!!

I am so happy.  Thanks a lot for your  valuable information Sir