Accounts finalisation
This query is : Resolved
Venu Rapelli
(Querist)
10 November 2016
Dear Sir,
i have query regards depreciation rates sir what rates of depreciation should considered for accounts finalisation is it consider rates from companies act or income tax act and sir accounts finalised statement profit and loss profit and it computed profit both are should be difference or should be same and
thanking you in advance
i have query regards depreciation rates sir what rates of depreciation should considered for accounts finalisation is it consider rates from companies act or income tax act and sir accounts finalised statement profit and loss profit and it computed profit both are should be difference or should be same and
thanking you in advance
Amol S Joglekar
(Expert)
11 November 2016
01. For Company, the rates as given in the Companies Act should be used for depreciation
02. For computation of profit under income tax act, you need to add back the depreciation under companies act and deduct the depreciation under income tax act so as to arrive at profit as per income tax act
03. In most of the cases, the profit as per books and profit as per income tax computation are not same.
02. For computation of profit under income tax act, you need to add back the depreciation under companies act and deduct the depreciation under income tax act so as to arrive at profit as per income tax act
03. In most of the cases, the profit as per books and profit as per income tax computation are not same.
Venu Rapelli
(Querist)
15 January 2017
thank you sir
Amol S Joglekar
(Expert)
16 January 2017
You are most welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Advances to related party
- Capital gains in IT returns
- Form 144 TDS Return Validation error
- LLP audit and disclosure
- TDS- 2026-27 Q1 Correction
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
