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
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Replies (1)
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.
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