rate of depreciation

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deepika (Querist)
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09 April 2009
Hi,

My company is a limited company and incorporated in oct,09. please tell me what rate of depreciation i follow as per company law or income tax law

Thanks

Jitender

Jitender (Expert)
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09 April 2009 in the books of accounts, rate of companies act will be folowed.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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10 April 2009 for making balance sheet u need to follow rates of companies act and for filing return u need to follow income tax rate

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 April 2009 For rates of depreciation under Companies Act,1956 pl refer schedule XIV and for rates under Income tax Act,1961 pl refer appendix-1 of rule 5 of the Income tax Rules,1962.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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10 April 2009 I support Devanshi. At the time of filing of Income Tax Return, you will need to add back the depreciation as per companies act in Net profit, and deduct Depr as per IT Act. All this working shall be out of books, and no adjustment shall be made in the books for depr as per IT Act.

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