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
In the case of a public limited company or private limited company it is advisable to follow depreciation as per companies act.
However it is allowed utilise the rates of depreciation as per it act in company accounts also provided the company gives the same in notes on accounts and suitable note in the audit report by the company auditors.
For assessess other than companies you can use the depreciation rates as per income tax act.
However it is allowed utilise the rates of depreciation as per it act in company accounts also provided the company gives the same in notes on accounts and suitable note in the audit report by the company auditors.
For assessess other than companies you can use the depreciation rates as per income tax act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
