Depreciation

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(Querist)
23 December 2013 proprietorship firm & Partnership firm, in books of accounts ,which method of depreciation should be apply, depreciation as per income tax or depreciation as per companies act
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 December 2013 got incomr tax- as per incme tax acr
else for genral purpose financial statements as per co act.
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Ami D Trivedi

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Ami D Trivedi (Querist)
23 December 2013 means while preparing books of accounts , one should apply depreciation as per Companies act
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 December 2013 yes correct and for income tax return follow dep as per income tax act.
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Ami D Trivedi

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Ami D Trivedi (Querist)
23 December 2013 thank u very much for ur kind reply
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 December 2013 you are welcome.
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