ICICI

Depreciation


vivek shah (In service )     12 July 2011

vivek shah
In service  
 32 points

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Hey guys , i just wanna know that is it compulsory for a pvt company to strictly follow SLM method under stat audit  .

Secondly is it true that as per income tax audit only WDV method is correct method .

 

Please confirm the assumption , if incorrect please let me know in brief

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nimish solanki (IPCC CLEARED)     12 July 2011

nimish solanki
IPCC CLEARED 
 7 likes  108 points

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AS PER  I.T. ACT  ONLY W.D.V METHOD IS  ALLOWED  EXCEPT  FOR  ELECTRICITY  GENERATORS AND  TRANSPORTER  COMPANIES

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CA Hemant Kumar (CA, LLB (p), B.Com)     12 July 2011

CA Hemant Kumar
CA LLB (p) B.Com 
 9 likes  194 points

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No under statutory audit it is not compulsary for a PVt. company to follow SLM only.

 

as per IT act, only WDV is allowed except the exception which is given in above reply


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