07 December 2015
IS THERE ANY OTHER RATES ARE THERE FOR DEP UNDER PARTNERSHIP ACT.OR INCOME TAX RATE SHOULD BE FOLLOWED BUT I JOINED A FIRM THERE IS NOT IT RATES ARE USED
07 December 2015
Dep. should be charged as per Income Tax Act by other than company. No Depriciation Rates are Prescribed Under Partnership Act so A Partnership Firm Should used Depriciation as per Income Tax ACT.
07 December 2015
i have joined a partnership firm which is manufacturer of socks and the ca of firm has applied dep on straight line basis is it possible.
07 December 2015
No rates of depreciation has been prescribed under the partnership act, 1932.
So, you can compute depreciation as per your own. But Under IT Act, 1961 there is only WDV method of depreciation. You cannot compute depreciation on SLM basis under IT Act.
So It is advisable to compute the depreciation as per IT Act to match WDV of the assets as per books and as per IT Act.
07 December 2015
thax Jainam ji. but our firm is following slm method for dep and itax chart seprately for claiming less dep so that profit will increase.now is there computation of dta/dtl for such difference arisen.? it is for partnership firm.
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