Fixed Assets: Depreciation Rate as Per Companies Act 2013 for FY 2021-22
For calculating Depreciation as per Companies Act 2013, depreciation is calculated by considering the useful life of assets, cost, and residual value.
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Income Tax
For calculating Depreciation as per Companies Act 2013, depreciation is calculated by considering the useful life of assets, cost, and residual value.
If an asset is acquired and the same is paid in cash of more than Rs. 10,000 in a day then such cost will not form the actual cost of the asset and hence depreciation cannot be claimed on the part of the asset which is paid in cash.
TCS Rates For AY 2022-23 have changed and will apply for the whole year (subject to any change by the government)
Extension of time lines related to certain compliance by the taxpayers under the Income Tax Act, 1961
TDS Rates For AY 2022-23 has changed and will apply for the whole year (subject to any change by the government)
In taxation, depreciation refers to a reduction in the value of assets due to the wear and tear of the assets. you can claim the deduction on depreciation on those assets which have been used by the assessee for the purpose of business or profession during the previous year.
U/s 194Q TDS shall be deducted by the eligible buyer of the goods at the rate of 0.10% of such sum exceeding Rs. 50Lakh.
TDS Rates For FY 2021-22 has changed and will apply for the whole year (subject to any change by the government)