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Tax Planning in MAT

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(Querist)
09 September 2010 1.whether a private company can charge a higher depreciation,than those specified in schedule -14 of companies Act 1956
to reduce book profits.

2. Whether the A.O has any power to rework the book profit based on the depriciation rates specified in schedule-14 of Companies Act,1956.
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SANJAY TALATI

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SANJAY TALATI (Expert)
09 September 2010 The Additions /deletions to be made from the Figure of the Net Profit as reflected in the Profit & Loss Account to convert the same into Book Profit for MAT purpose , shows that whatever amt. of dep. charged to P & L A/c is to be added and substracted excluding the dep on the revaluation of assets. In a nutshell, Your action would not have any impact.

Further, under the Companies Act,1956 when the Company charges higher rate of depreciation than that prescribed under Schedule XIV - , the discloure in the notes should be given.

Hence, the above is not advisable.
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