Depreciation
This query is : Resolved
09 July 2015
schedule 2 of the companies act applicable prospectively or retrospectively....in case of prospective effect then company should follow AS-6 or schedule 2 as the as-6 say change in accounting policy have retrospect effect???pls do needful as earliest..
10 July 2015
Dear Bhumika
The effect of the sch II is prospective only as it is clearly mentioned in the act.
Also when AS and Act contradicts then we follow the Act.
So apply sch II prospectively.
The effect of the sch II is prospective only as it is clearly mentioned in the act.
Also when AS and Act contradicts then we follow the Act.
So apply sch II prospectively.
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
- Tax on Deemed Capital Gain
- TDS on property - Form 141 query
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- TDS offline utility
- Due Date Clarity
- ITR-3 File/Error Found
- Taxability of credit in canara bank ET & T section (NRO)
- Difff in ais receipts and gst turnover
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
