Depreciation
This query is : Resolved
14 December 2012
Can Pvt Ltd Company can claim depreciation at the rate prescribed under IT act instead company act?
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.
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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