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As - 22

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(Querist)
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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
11 July 2012 yes agree with siddhartha




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