Depreciation

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Om Prakash Singh (Querist)
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13 September 2008 hi experts,
can u tell me that deprecition should be deducted at company law rate or income tax rate in books of a/c of a pvt ltd co. diffrence beetween of above rate where should be adjusted.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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13 September 2008 The depreciation in books is to be charged as per the company law at rates given in schedule XIV to the Companies Act. However, for the purpose of Income Tax the same is to be claimed as per Income Tax Rules. The adjustment is made in the computation of Income only while the entry in books is to be passed at the rates as per Schedule XIV.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 September 2008 PLEASE READ AS SCHEDULE XIV.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 September 2008 ORIGINALLY IT WAS IVX.SO I MADE A NOTE OF IT.INCONVENIENCE IS HIGHLY REGRETTED.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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13 September 2008 Mr. Chakrapani, thanks for pointing out the error; it was a typographical error on my part which I have modified lateron and there is no need to regret over these minor things. Thanks once again.

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