Rate of depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2011
whether company can used depreciation rate as per income tax act in place of companies act in statutury audit report/books of accounts
25 September 2011
No. Rates of depreciation as per Companies Act, 1956 Schedule XIV need to be adopted.
Rates of depreciation as per Income Tax can not be used.
Rates of depreciation as per Income Tax can not be used.
25 September 2011
Rate of depreciation by Income Tax Act can Be Adopted Provided The Rate Should Not Be Less than as per Companies Act.
Since Co Act Provided that Depreciation Rates Can Be adopted High Than as provided in Co Act, But Not Less.
Just Give Disclosure in Notes & policies of company.
Since Co Act Provided that Depreciation Rates Can Be adopted High Than as provided in Co Act, But Not Less.
Just Give Disclosure in Notes & policies of company.
26 September 2011
The experts have correctly pointed out that as per the Companies Act only Schedule XIV is applicable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
