depriciation
This query is : Resolved
CA Sahil Singla..
(Querist)
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
(Expert)
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.
If the rates of dep as per IT is more than u can follow otherwise not.
If less charged then qualification should be given.
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.
If you have not follow it then auditor should qualify this in his report.
Ankur Garg
(Expert)
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
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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