accounts

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Kumar

Accountant

224 Points Joined August 2008

I am maintaining books of accounts of a company, I would like to ask that how to depreciate the fixed assets on 31 march. Should I use income tax rates or companies act rate, also send me foprmat for the fixed assets schedule (if any). Thanks in Advance

Replies (1)

Raj Singh

Accountant

47 Points Joined September 2009

I think u should depriciate u r assets with the Income tax Acts however if u depriciate them with the company act u have to again depriciate them as per income tax acts rates at the time of preparing u r income tax returns. Acc. to me the best way is just go through the last years Balance sheets of u r company.