Deprication charge
This query is : Resolved
29 January 2009
Hi,
Please guide me weather depreciation is charge in a company on the basis of income tax act or companies act. which system do the accountant follow.
Please guide me weather depreciation is charge in a company on the basis of income tax act or companies act. which system do the accountant follow.
CA. B.SRINIVASULU
(Expert)
29 January 2009
Since you have used the word company i have assumed as for the private limited or public limited company.
It is advisable to charge depriecation as per companies act.
However you are allowed to provide as per income tax act by giving a suitable note in notes on acouunts and report by your auditor in his audit reprot.
It is advisable to charge depriecation as per companies act.
However you are allowed to provide as per income tax act by giving a suitable note in notes on acouunts and report by your auditor in his audit reprot.
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