Depriciation
This query is : Resolved
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
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
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
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
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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