Can somone please confirm if the following rates are right or not as per COMPANY'S ACT ???
Rates are correct except for Office Equipments and software. I dont think Office equipments can be taken under Furniture & Fittings.
Regarding Software i/m not sure.
Rates correct. Office equipment cannot be taken under furniture. It would fall under plant & m/c. Software 10yrs is only rebuttable presumption as per AS 26. If it is reasonable that it has a got a shorter life, then depreciation at higher rate is advisable. Also all rates given in Companies Act are only minimum rates.
Wokay, thanks buddy... but Why is Office equipments under plant and machienry? and btw the company doesnt have any P&M so just office equipments as P&M wont make sense right?
Mr.Vipul,just show office equipments as such with the depreciation rate 13.91% of that of P&M.
CAclubindia
