Doubt on Commercial House Property

1. Only two self-occupied house properties will be allowed for tax exemption, third will be deemed let out.

2. If two commercial properties remained vacant throughout year, in spite of attempted to let them out, their net ratable value can be taken as zero.

@ Honourable Dhirajlal sir ,honorable expert persons,


what is the depreciation rate of percentage for motorbike (bike)?? which depreciation method I should have to do


for instance if I bought a motor bike on 12.6.2017 the cost is RS 45,500 means while I am making for balance sheet 2019 to 2020 31 St March balance sheet which depreciation value I have to show in my BS ???


please I need a calculations

As per IT act, depreciation on motor cycle is 15%.

Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method.

WDV as on 31.03.2018 ==  0.85 (C)

As per attached file

== 0.614125 C == Rs. 27943.

Honourable Dhirajlal sir, what is the difference between income Tax act depreciation chart and normal companies depreciation short while making the individual balance sheets or companies balance sheet which method we have to go???

 

Honourable Dhirajlal sir, what is the difference between income Tax act depreciation chart and normal companies depreciation short while making the individual balance sheets or companies balance sheet which method we have to go???

 

Following are main differences:

1. Income tax rates are higher than companies act rates.
2. Income tax method of depreciation is WDV ( except power plant) but in companies act it is based on life of asset and straight line method
3. There is no option to change rates of depreciation given by income tax act, but under companies act you can adopt different life and consequently different rates based on justification
4. Income tax depreciation is 50% if asset used for less than 180 days otherwise depreciation for full year. Companies act depreciation is proportionate to the period of use.
5. Under companies act, major components of machine are depreciated separately if they have different useful life but in income tax act no separate depreciation on components.

For Individual and for income tax purpose, we calculate it as per IT act.

@ my honourable Dhirajlal sir ,I need that calculation of your excel elaborately clarification could you please my honour...