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In India, which Ministry/Institution announce the rates by which assets depreciate:
- a)Ministry of Finance
- b)Ministry of Commerce and Industry
- c)Reserve Bank of India
- d)Minister of Science and Technology
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
In India, which Ministry/Institution announce the rates by which asse...
Ministry of Commerce and Industry announces the rates by which assets depreciate in India.
Explanation:
Depreciation refers to the decrease in the value of an asset over time due to wear and tear, obsolescence, or any other factor. In India, the rates by which assets depreciate are announced by the Ministry of Commerce and Industry. The main purpose of determining the depreciation rates is to calculate the taxable income of a business entity.
The Ministry of Commerce and Industry has a Department of Industrial Policy and Promotion (DIPP) that is responsible for formulating policies related to industrial development, intellectual property rights, and promotion of foreign investment. The DIPP also formulates and updates the depreciation rates for various assets used in the industry.
The depreciation rates are determined based on the useful life of the asset and its residual value. The residual value refers to the estimated value of the asset at the end of its useful life. The depreciation rates are different for different types of assets such as buildings, machinery, vehicles, and furniture.
The Ministry of Commerce and Industry periodically reviews and updates the depreciation rates based on the changing economic conditions and technological advancements. The depreciation rates are published in the Income Tax Act, 1961 and are used by businesses to calculate their taxable income.
In conclusion, the Ministry of Commerce and Industry is responsible for announcing the rates by which assets depreciate in India. The depreciation rates are determined based on the useful life and residual value of the asset and are used for calculating the taxable income of businesses.
Explanation:
Depreciation refers to the decrease in the value of an asset over time due to wear and tear, obsolescence, or any other factor. In India, the rates by which assets depreciate are announced by the Ministry of Commerce and Industry. The main purpose of determining the depreciation rates is to calculate the taxable income of a business entity.
The Ministry of Commerce and Industry has a Department of Industrial Policy and Promotion (DIPP) that is responsible for formulating policies related to industrial development, intellectual property rights, and promotion of foreign investment. The DIPP also formulates and updates the depreciation rates for various assets used in the industry.
The depreciation rates are determined based on the useful life of the asset and its residual value. The residual value refers to the estimated value of the asset at the end of its useful life. The depreciation rates are different for different types of assets such as buildings, machinery, vehicles, and furniture.
The Ministry of Commerce and Industry periodically reviews and updates the depreciation rates based on the changing economic conditions and technological advancements. The depreciation rates are published in the Income Tax Act, 1961 and are used by businesses to calculate their taxable income.
In conclusion, the Ministry of Commerce and Industry is responsible for announcing the rates by which assets depreciate in India. The depreciation rates are determined based on the useful life and residual value of the asset and are used for calculating the taxable income of businesses.
Community Answer
In India, which Ministry/Institution announce the rates by which asse...
The governments of the economies decide and announce the rates by which assets depreciate (done in India by the Ministry of Commerce and Industry) and a list is published, which is used by different sections of the economy to determine the real levels of depreciation in different assets.
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In India, which Ministry/Institution announce the rates by which assets depreciate: a) Ministry of Financeb) Ministry of Commerce and Industryc) Reserve Bank of Indiad) Minister of Science and TechnologyCorrect answer is option 'B'. Can you explain this answer?
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