more profit As a result the taxable income will be higher Hence depreciation is charged for the correct ascertainment of total taxable income • To follow the company act According to company act it is compulsory to charge depreciation on fixed assets The depreciation rates as per companies act 1956 is as follows Rates of depreciation
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Get Priceplant under section 42 110 of the Income Tax Assessment Act 1997 the Act ; and • horticultural plants under section 387 177 of the Act 2 The effective lives specified by the Commissioner determine the rate at which deductions are calculated under the depreciation and horticultural plants write off provisions 3
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Get PriceR 6 Tax India Rates of depreciation for income tax AS APPLICABLE FROM THE ASSESSMENT YEAR 2024 04 ONWARDS Block of assets Depreciation allowance as [see para 48 3 3] percentage of written down value AYs 2024 04 AY 2024 07 to 2024 06 onwards 1 2 3 PART A TANGIBLE ASSETS I BUILDING [See Notes 1 to 4 below the Table] 1 Buildings which are used mainly for residential purposes except hotels
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