Depreciation on rented building
This query is : Resolved
18 May 2016
If pvt. Ltd. company has given its building on rent, then do we have to provide depreciation on same under companies act 2013. Do we have to take into account depreciation under income tax for calculating deferred tax as we cannot claim depreciation on rented property under income tax act.
18 May 2016
under income tax under rental income depreciation is not allowed only 30% deduction is allowed. you can take depreciation under the company act.
18 May 2016
Is it necessary to provide depreciation under companies act. what if we have not provided depreciation in earlier years. Do we have to take depreciation on rented building
18 May 2016
do we have to take depreciation under income tax on rented building for calculation purpose only of deferred tax or not
18 May 2016
1. Depreciate as per co's Act.
2. Need not depreciate as per IT act.
3. Exclude depreciation to calculate deferred tax being a 'permanent difference'.
2. Need not depreciate as per IT act.
3. Exclude depreciation to calculate deferred tax being a 'permanent difference'.
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