depriciation

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CA Sahil Singla.. (Querist)
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17 September 2010 whether a pvt ltd co. can charge dep in it's book as per income tax act rates ?if no,why & wat r the consequences if charged like that

Aditya Maheshwari

Aditya Maheshwari (Expert)
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17 September 2010 U can charge only higher depreciation given in schedule XIV of companies act and not lower.

If the rates of dep as per IT is more than u can follow otherwise not.

If less charged then qualification should be given.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 September 2010 In case of Company , you have to follow Schedule XIV of Companies Act.
If you have not follow it then auditor should qualify this in his report.

Ankur Garg

Ankur Garg (Expert)
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18 September 2010 Agree with learned experts

You have to charge the comparable higher rate of depreciation failing which you'll have to face the objections or Audit report qualifications from Auditors.

Regards

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