Change in Method

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chartered accountant
194 Points Posted on 31 August 2020
We, being partnership firm changed depreciation method reducing balnace to as slm on useful lives.


Pls provide guide on notes to accounts. Help me to qrite note on this in financial.
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On 31 August 2020 at 15:03 Report
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A partnership firm has changed its depreciation method from reducing balance to straight-line (SLM) for its private accounting records. While SLM is not permitted for income tax purposes except for power generation undertakings, this change is solely for internal financial reporting. Guidance is sought on how to accurately reflect this change in the notes to the accounts.

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Chartered Accountant
4524 Points Posted on 31 August 2020
SLM method is not allowed in income tax act. only power generation undertakings can opt this method.
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On 31 August 2020 at 18:22
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chartered accountant
194 Points Posted on 31 August 2020
But this change not for income tax act. For our private book, which will be disallowed. I know
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On 31 August 2020 at 22:31

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