Hello Everybody,
I hav came across a query that whether a co. can charge dep. as per I.T Act in its books of accounts and not as per companies act???Is it possible??
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Dep. other than as per Co. Act
Replies (6)
Yes but the rate should be higher than the rates prescribed under the Co act..
yes the rates charged can be as per anything however it must not be less than what is there in companies act.
Of course it can do so, but rates should be more than prescribed under the Companies Act, 1956...
To add one more thing, a disclosure to that effect be made in notes to account.
Depreciation rate prescribed under schedule XIV is only minimum rate. but u can adopt any rate above this rate, and make the changes as per AS6 and AS5.
Thnx Everybody. But the Comparison should b made from the point of view of SLM or WDV????
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