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Method of Depreciation

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(Querist)
29 January 2009 Hi,

Please guide me weather depreciation is charge in a company on the basis of income tax act or companies act. which system do the accountant follow.
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Cakalpesh

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Cakalpesh (Expert)
29 January 2009 Pvt Ltd/Ltd company need to charge depreciation at the rate prescribed in Schedule XIV or Higher rate than what is prescribed under Companies Act. However the same should be disclosed in accounting policies. If you apply rate as per income tax act & it is higher than it is ok. Generally Companies follows Schedule XIV rate & create deffered tax on differential depreciation.
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