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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 September 2011 The experts have correctly pointed out that as per the Companies Act only Schedule XIV is applicable

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