CCI Online Coaching    |    x

Difference between depreciation as per it act & co. act?

CPT passed

WHat is the difference between Depreciation as per IT Act & as per Co. Act?


rates are different in both the acts. For computaion of taxable income depreciation rates as per IT Act are considered and for the purpose of preparing P&L A/c and balance sheet depreciation rates as per Companies Act are considered

Total likes : 1 times

Asst Mgr-Finance

Rates are different in both Companies act and Income tax Act

In Income tax Act we have to compute depreciation on Block of Assets Concept where in you have to follow only WDV and not straight line except power generating companies

COmpanies Act we have schedule xiv Rates for Straight line and WDV based on shifts which are minimum rates and a company can follow higher rates than envisaged by Shedule xiv

Total likes : 2 times

Chartered Accountant

Income Tax Act provides for

1.Depreciation rates for different assets...

2.Also it allows only usage of WDV method of depreciation...

3.there is additional depreciation allowed on NEW MACHINERY purchased....


Companies Act only Provides for compliance with AS for depreciation issued by ICAI

Total likes : 1 times



Click on our website:
====( )=====

====( )=====

50%Discount summer fashion :Sandle,t-shirt,caps,jerseys,handbag and brand watches!!!

$30 Air Jordan shoes,Shox shoes,Gucci,LV shoes

$33 True Religion jeans, Ed Hardy jeans,LV,Coogi jeans,Affliction jeans

$15 Ed Hardy ,LV ,Gucci Bikini

$15 Polo, Ed Hardy, Gucci, LV, Lacoste T-shirts

$25 Coach,Gucci,LV,Prada,Juicy,Chanel handbag,

$10 Gucci,Ed Hardy sunglasses

$9 New Era caps.

====( )=====

====( )=====

====( )=====

====( )=====

====( )=====

====( )=====



Your are not logged in . Please login to post replies

Click here to Login / Register  


Search Forum:

× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x