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.
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