Depriciation
This query is : Resolved
Sumti Bhadani
(Querist)
21 October 2010
Is it necessary for private limited company to provide depreciation on a rate specified in the Companies act 1956?
CA Navin Jain
(Expert)
21 October 2010
yes depreciation never be less than to rate provided in companies act
Sumti Bhadani
(Querist)
21 October 2010
SIr but until previous year the company was depriciating its assets at a rate provided in I.T Act 1961. Now can it change the rate? If Yes then is any disclosure requirement?
CA Navin Jain
(Expert)
21 October 2010
yes u need to change it and give the disclosure under notes to accounts.
Sumti Bhadani
(Querist)
21 October 2010
Is it necessary to give retrospective effect from starting or can I change the rate for current year only?
CA Navin Jain
(Expert)
21 October 2010
GIVE RETROSPECTIVE EFFECT
Sumti Bhadani
(Querist)
21 October 2010
Sir is their any other solution available as we do not have adequate data for the purpose of retrospective effect? If we do not change the rates is there any penalty?
CA. Aryendra
(Expert)
21 October 2010
Dear Friends you can charge on the basis of income tax rate
Dynamic Orthopedics vs. CIT (Supreme Court)
The law laid down in Malayala Manorama 300 ITR 251 {that (i) Schedule VI does not create any obligation to provide for any depreciation much less for depreciation at Schedule XIV rates, (ii) As per the Company Law Board Circular the rates in Schedule XIV are the minimum rates…
Dynamic Orthopedics vs. CIT (Supreme Court)
The law laid down in Malayala Manorama 300 ITR 251 {that (i) Schedule VI does not create any obligation to provide for any depreciation much less for depreciation at Schedule XIV rates, (ii) As per the Company Law Board Circular the rates in Schedule XIV are the minimum rates…
Ajay Mishra
(Expert)
21 October 2010
Hi
The rate of depreciation as specified under section 350 read with Schedule XIV of the Companies Act, 1956 will apply both Public company as well as Private Company.
Regards
The rate of depreciation as specified under section 350 read with Schedule XIV of the Companies Act, 1956 will apply both Public company as well as Private Company.
Regards
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