Depreciation on fixed assets
This query is : Resolved
08 January 2015
SIR;
IF A COMPANY PROVIDE DEPRECIATION AS PER RATES MENTIONED IN INCOME TAX ACT INSTEAD OF THOSE PROVIDED IN COMPANIES ACT,THEN WHAT WILL BE THE CONSEQUENCES ?
PLEASE GUIDE ME
WITH REGARDS
IF A COMPANY PROVIDE DEPRECIATION AS PER RATES MENTIONED IN INCOME TAX ACT INSTEAD OF THOSE PROVIDED IN COMPANIES ACT,THEN WHAT WILL BE THE CONSEQUENCES ?
PLEASE GUIDE ME
WITH REGARDS
08 January 2015
If it is a Private/Public limited company it has to follow companies act provisions which prescribed the rates.Qualify the audit report if the management does not agree for change.It is against to accounting policies prescribed.
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