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Depriciation

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This query is : Resolved

sudershan (Querist)

22 June 2013 good afternoon sir/ madam ,

here i am requesting you to explin me the depriciation provisions on fixed assets for companies. my doubt is what depriciation to be shown in books i.e dep under companies act or dep under it act and waht will be the asset value to be shown after depriciation .please explain me with examples

regards

sudershan

Rupesh Jain

Rupesh Jain (Expert)

22 June 2013 r/sir

depreciation rates are diff. under company act and income tax act.

under company act depreciation rate are given sechedule XIV section 205 & 350

and under income tax act U/s 32

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

22 June 2013 Depreciation calculated as per the Companies Act,1956 is to be shown in books. Like wise, asset value to be shown in the books is the actual cost as reduced by the depreciation calculated as above.

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