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Depriciation method change

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(Querist)
16 May 2008 Our company wants to change the method of depriciation , so what are its after effects...does it have a retrospective effect???...do we need to change the whole set of a/cs??...
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
16 May 2008 for what purpose you are changing dep from one method to another in the income tax act there is only one method & another in co.law you are paying taxes as per income tax act
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shruti karuturi

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shruti karuturi (Querist)
16 May 2008 Mr. Hemant I didn't get ur answer..Can you plz explain it clearly
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
17 May 2008 The company can change the method of depreciation from WDV method to Straightline method, as long as it provides depreciation as per the minimum rates of depreciation prescribed under the Act. The change in the methodology and its impact on profits and the book value of assets has to be disclosed in the Accounts.
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