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??
Menu
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????
Recent Threads
- Interest on reversal of ITC when ITC balance avail
- Is MirrorFly an Instant Messaging Software?
- ITR filling for legal heir
- How Can I qualify CA Final Exam?
- Wrong reporting on 22 april 2026 under article inc
- Articeship Form 107
- TAN for Multiple States
- Delivery Challan serial number Issue and return ru
- After filing form 71 For TDS mismatch
- UNCLAIMED TDS REFUND QUERY
CAclubindia
