a central psu charges depreciation on its fixed assets at rates prescribed in the IT Act, 1961 with a suitable disclosure in the notes on accounts regarding increase of profit if depreciation were charged as per companies act. can anything be commented upon this in the light of AS-22 (disclosure of deferrd tax assets\liability)?
Menu
charging of depreciation
Replies (1)
A company has to charged minimum of rates as mentioned to the Companies Act, and company can't reduce its rates below than that,
But if a company wants to charge higher charges then by making proper disclosure as AS1, and notes to account the company can charges higher rates
Recent Threads
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
- Declaration of foreign investment
- Parent buying property for major child
- LIC maturity amount filing missed
Related Threads
CAclubindia
