Depreciation
This query is : Resolved
Querist : Anonymous
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 ?
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.
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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