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Depreciation Rates!!!

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(Querist)
18 June 2010 1. Can a company charge depreciation different from the rates specified in the Companies Act? If it does should the auditor has to qualify this in his audit report?

2. Is it mandatory for the companies to write off the assets whose balance is Rs.5000 or less?

With regards,
Rajesh
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Rasesh

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Rasesh (Expert)
18 June 2010 1) If the Company has charged lower rates than the rates specified in the Companies ACt, then only qualification is required.

2) Yes. Assets having cost less than Rs. 5,000/- should be written off in the year of acquisition.
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