Pvt ltd company

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Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2011 ABC pvt co, having its turnover at around 15 lakhs for F.Y. 2010-11. as I know it is necessary to file the Returns to MCA, even though turnover is within 60 lakhs, I want to know on which rates depreciation is to be claimed , i.e. either on as per IT act 1961 or companies act 1956. & further what would be the effect if turnover exceeds the 60lakhs. please resolve.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 August 2011 For accounting purpose depreciation as per schedule XIV of the companies Act,1956 and for income tax purpose rates as in Appendix-1 of rule 5 of Income tax Rules,1962 may be followed.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2011 how tax liability works , as depreciation is going to calculate under both acts, please elaborate in detail.

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