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Depreciation Excel Sheet As Per Companies Act In Nevada
State:
Multi-State
Control #:
US-0019LTR
Format:
Word;
Rich Text
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FAQ
Depreciation is mandatory. The insertion of Expln 5 to s. 32(1) is to be applied prospectively and it clearly takes away the right of choice of the assessee to make a claim for depreciation or not. It would be open to the ITO to grant depreciation even if the assessee had not furnished the prescribed particulars.
Depreciation is a mandatory deduction in the profit and loss statements of an entity using depreciable assets and the Act allows deduction either using the Straight-Line method or Written Down Value (WDV) method.
Previously under companies act, 1956 all the assets whose value is 5000 or less can be depreciate at the rate of 100% but in new companies act, 2013 there is no such provision.
In Excel, the function SYD depreciates an asset using this method. In cell C5, enter "sum of years date." Enter "=SYD(B1,B2,B3,6)" into cell C6. Calculate the other depreciation values using the sum of the years' digits method in Excel with this function.
Building: 2.5% Plant and Machinery: 7.5% to 20% Furniture and Fittings: 10% Computer and Computer Software: 16.21%
Part B Intangible Assets Asset TypeRate of Depreciation Computers including computer software 40% Plant and machinery, used in processing, weaving and garment sector of textile industry, which is bought under TUFS on or after April 1, 2001, but prior to April 1, 2004, and is put to use prior to April 1, 2004 40%154 more rows •
Computer and Laptop depreciation rate as per Income Tax Act falls under the asset class of Plant and Machinery. The rate of deduction considered here is 40%. However, you must follow all the clauses under Rule 5(2) to be eligible for a 40% depreciation rate.
