Can we provide income tax depreciation rates in Company's Profit and Loss account?Pls. also see attached file.
Attached File : 38 court.doc downloaded: 143 times
Can we provide income tax depreciation rates in Company's Profit and Loss account?Pls. also see attached file.
Pl.s reply
Company can consistantly follow a rate which should be the rate specified in the Companies Act or a higher than that rate and give a note to that effect.
The rates provided in scedule XIV are the minumum rates of depreciation to be charged by the company , a higher rate can be used consistently provided a note is given according to sec 205 . There fore if the rates provided in IT rules are higher than those provided in Schedule XIV , those rates can be used by qualifying under section 205
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
CAclubindia
