Which Depreciation rates would apply for LLP firm?

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3 Points Posted on 08 June 2021
sir, need to know that which Depreciation Rates would apply for LLP firm ? should I take Depreciation rates as per IT Act or as per Company Act ?? which dep rate I will apply on assests. ( As per IT or as per Company). help me out in this .
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On 08 June 2021 at 19:32 Report
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Quick Summary
This discussion clarifies which depreciation rates apply to Limited Liability Partnerships (LLPs). It addresses the common question of whether to follow rates specified in the Income Tax Act or the Companies Act. The consensus is that LLPs, governed by the LLP Act 2008, should adhere to the depreciation rates outlined in the Income Tax Act for their assets.

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Practice
3235 Points Posted on 08 June 2021
IT ACT
2 Reply
On 08 June 2021 at 19:38
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3924 Points Posted on 08 June 2021
LLP govern as per LLP Act 2008 ,not as per Companies Act 2013 .
1 Reply
On 08 June 2021 at 19:50
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64 Points Posted on 08 June 2021
IT act
2 Reply
On 08 June 2021 at 20:56
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Chartered Accountant
24588 Points Posted on 09 June 2021
Take Depreciation as per IT act
1 Reply
On 09 June 2021 at 11:03

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