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Depreciation

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(Querist)
14 December 2012 Can Pvt Ltd Company can claim depreciation at the rate prescribed under IT act instead company act?
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CA Hiren Thakkar

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CA Hiren Thakkar (Expert)
14 December 2012 No.

Companies need to prepare its accounts as per the requirements of the companies act. If they fail to do so, the auditors will qualify their report.

However, here one thing is to be noted i.e. the rates under companies act are Minimum rates. Hence if rates under Income Tax Act are higher than the rates under the companies act, then you have liberty to follow income tax act.
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