depraciation
This query is : Resolved
26 May 2010
should depn b claimed by a pvt. ltd. co. which is a member of STPI ???????
SHOULD IT CLAIM DEPN. AS PER CO. ACT IN THE BUKS OF A/CS AND CLAIM DEPN. AS PER IT ACT WHILE FILING RETURN OF I.T. MAKING ADJUSTMENTS FOR DEPN. PROVIDED AS PER CO. ACT???????????????????
SHOULD IT CLAIM DEPN. AS PER CO. ACT IN THE BUKS OF A/CS AND CLAIM DEPN. AS PER IT ACT WHILE FILING RETURN OF I.T. MAKING ADJUSTMENTS FOR DEPN. PROVIDED AS PER CO. ACT???????????????????
26 May 2010
As per both Companies act and Income Tax act, claiming of depreciation is mandatory. There is no option given to the assessee. Hence every person has to claim depreciation as per the accounting policy adopted by the company in books of account and as per income tax rates as for determining profit / loss as per Income tax. The profit so arrived at can be claimed as exemption since it is a STPI unit. The impact will come on computing deferred tax. Refer Accounting Standard Interpretation 5 for implications on Deferred tax.. If any other information is required, u can ask..
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
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Tax rate change regarding
- GST ISSUE OF INPUT AND OUTPUT GST
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
