Depreciation rates prescribed for private limited com.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2013 DEAR EXPERT,

CAN A PRIVATE LIMITED COMPANY ADOPT DEPRECIATION POLICY AS PER RATES PRESCRIBED IN INCOME TAX ACT.
OR BOUND TO FOLLOW RATES AS PRESCRIBED UNDER SCHEDULE

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 September 2013 only for income tax purpose only income tax depreciation rates are to be used and not for generally accepted accounting purpose (GAAP).
for GAAP only rates as mentioned under sch 14 are to be applied as per companies act.

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