Pvt ltd company
This query is : Resolved
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.
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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