depreciation
This query is : Resolved
CA.Shaleen Srivastava
(Querist)
10 June 2008
what is the difference blw depreciation under income tax and company act
Shyam Lal Naik
(Expert)
10 June 2008
Lots of difference. Chiefly,
Diff in rate
Method of calculation:- Block of Assets in IT, Indivisual assets in Co. Act
Only WDV method prescribed under IT Act
IT depn is an allowance, Co. depn is amortisation
IT depn is considered for computing Taxable profit
etc.
Diff in rate
Method of calculation:- Block of Assets in IT, Indivisual assets in Co. Act
Only WDV method prescribed under IT Act
IT depn is an allowance, Co. depn is amortisation
IT depn is considered for computing Taxable profit
etc.
23 August 2008
rates are different.
treament on sale of asset is different
block of asset concept is used in income tax.
treament on sale of asset is different
block of asset concept is used in income tax.
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