As - 22
This query is : Resolved
11 July 2012
Dear Sirs,
What will happen to a firm where AS 22 does not applies and rates of depriciation is different in case of Companies Act1956 & Income tax act?
In his consolidated Accounts which depriciation to be charged, Companies act rate or rate of depn as per I.T act?
Thanking You.
Sultan
What will happen to a firm where AS 22 does not applies and rates of depriciation is different in case of Companies Act1956 & Income tax act?
In his consolidated Accounts which depriciation to be charged, Companies act rate or rate of depn as per I.T act?
Thanking You.
Sultan
11 July 2012
Firstly, if it is a FIRM (not a company), then Companies Act is NOT applicable. So depreciation rates as per Comapnies Act are NOT applicable.
The firm should charge depreciation as per Income Tax Act.
The firm should charge depreciation as per Income Tax Act.
C.A Anshul Singhal
(Expert)
11 July 2012
yes agree with siddhartha
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