Depreciation as per company law
This query is : Resolved
14 August 2011
kindly provide guidence on the following question:-
1)if accummulated depreciation equivelant to cost of the assets than it is necessary to take W.D.V Rs. 1
2)it is necessary to equivelent W.D.V as per company law and as per income tax.
3) if any have any suitable formate kindly provide.
Regards
Akbar
1)if accummulated depreciation equivelant to cost of the assets than it is necessary to take W.D.V Rs. 1
2)it is necessary to equivelent W.D.V as per company law and as per income tax.
3) if any have any suitable formate kindly provide.
Regards
Akbar
14 August 2011
Depreciation as per companies act and Income tax act is different. The company act it is governed by section 205 and 350 so in the books you have to provide as per companies act and on final WDV to be taken at Re.1/- but in IT it is not so once entire assets value has been eroded nothing is to be shown it can be taken at 0
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