Dep rate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2014
Dear sir,
Can I charge depreciation As per Income tax while closing the company book.Is there any mandatory provision related to depreciation.
Can I charge depreciation As per Income tax while closing the company book.Is there any mandatory provision related to depreciation.
29 April 2014
company act provide the minimum depreciation rate. So you have the option to charge more than that. But you cannot charge less than the prescribed rates. However, also note that method of charging depreciation as per companies act is different from Income tax act. While companies act provide depreciation on the basis of actual no. of days used, income tax act provide depreciation on the more than or less than 6 months basis.
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