Depreciation as per co act 2013
This query is : Resolved
04 August 2015
We were charging dep as per income tax in our books till 2014. Now since dep rates are revised as per co act 2013. , is there a need to first change the accounting method as per co act 1956 with retrospective effect.?? Or can we just take the WDV (which was as per income tax act ) to calculate remaining life depreciation??
04 August 2015
No need for retrospective charge. Take the WDV to calculate remaining life depreciation.
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