21 October 2010
SIr but until previous year the company was depriciating its assets at a rate provided in I.T Act 1961. Now can it change the rate? If Yes then is any disclosure requirement?
21 October 2010
Sir is their any other solution available as we do not have adequate data for the purpose of retrospective effect? If we do not change the rates is there any penalty?
21 October 2010
Dear Friends you can charge on the basis of income tax rate
Dynamic Orthopedics vs. CIT (Supreme Court)
The law laid down in Malayala Manorama 300 ITR 251 {that (i) Schedule VI does not create any obligation to provide for any depreciation much less for depreciation at Schedule XIV rates, (ii) As per the Company Law Board Circular the rates in Schedule XIV are the minimum rates…
The rate of depreciation as specified under section 350 read with Schedule XIV of the Companies Act, 1956 will apply both Public company as well as Private Company.
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