depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2011
in case we are managing limited & pvt limited company's book of accounts. so can we consider depriciation in our company's book of account as per income tax act rule instead of company act 1956. if i pass the entry of debriciation in books of account as per income tax act can be wrong yes or not give me reason
CA PARAS BAFNA
(Expert)
19 June 2011
1. You are required to maintain books of accounts according to the requirement of Companies Act. Companies Act has prescribed rates of Depreciation and these are to be followed while maintaining Books of Account.
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2. Income Tax Act does not require that you should provide Depreciation in the Books. Even if you do not provide Depreciation, in Computation it will be taken into account.
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2. Income Tax Act does not require that you should provide Depreciation in the Books. Even if you do not provide Depreciation, in Computation it will be taken into account.
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