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Depreciation

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Querist : Anonymous (Querist)
19 June 2012 In p&l a/c in audit report ,which depreciation is debited as per p&l a/c or as per IT act ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 June 2012 Depreciation will always be as per the P&L Account.

Depreciation as per Income Tax is considered only for computing taxable income. It is not incorporated in the financial statments.

Only deferred tax asset/liability is calculated on the difference between depreciation as per P&L and depreciation as per Income Tax Act, and the same is shown in the financial statements.
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