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Is it correct????

Tax queries 1629 views 16 replies

hi friends can u pls tell me whether the depreciation rate as per companies act is correct or not...........

Nokia Mobile     13.91%

Godrej Safe        10%

Digital Camera   13.91%

Printer                    40%

Replies (16)

YES CORRECT. GO AHEAD..

yes...,

you can refer Schedule XIV of the Co. Act...

Yes Govind very correct as per co. act. Go ahed........

Yes dear. its all correct..

YES...they are correct

Printer ---40% ..........?

That Means Printer included under Data Processing Machine including Computers....?

Please Clarify....

yES, RAMEES, PRINTER IS CHARGED @ 40% AND WILL BE INCLUDED UNDER DATA PROCESSING MACHINE INCLUDING COMPUTERS.

 

REGARDS,

 

MANOJ

click on the below link

/share_files/depriciation-rates-as-per-companies-act-30365.asp

absolutely correct

Under which head u r treating it?

According to me u should treat it under "FURNITURE & FIXTURE" & accordingly charge 18.1% as the depreciation rate under Companies Act

Pls correct me if i m wrong

DEAR MAYUR,

 

PRINTER IS ONE OF THE DATA PROCESSING MACHINE. DATA PROCESSING MACHINE MEANS ANY MACHINE THAT PROCESS THE DATA. SO COMPUTER WOULD DEFINATELY COME UNDER THAT HEAD, SECONDLY PRINTER IS DATA PROCESSING MACHINE, COZ IT PROCESS THE DATA RECEIVED FROM CPU AND GIVES THE OUTPUT IN FORM OF HARD COPY. SO FRM THIS TERMINOLOGY, I WOULD 100% SURE THAT IT WOULD COME UNDER DATA PROCESSING MACHINES AND CHARGEABLE AT THE RATE OF 40% UNDER WDV METHOD.

 

REGARDS,

 

MANOJ

Sorry Manoj,

I was talking about SAFE, so pls clarify that whether the dep. rate on it is 10% or 18.1%.

FOR SAFE, UNDER INCOME TAX ACT DEPRECIATION RATE IS 10% AND UNDER COMPANIES ACT, IT IS 18.10% AS U SAID CORRECTLY.

 

REGARDS,

 

MANOJ

Thanks Manoj 4 clearing my doubt


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