hey all
can anyone help me to know.....how to calculate depreciation of companies while making provisional balance sheet for the half year?
as i think depreciation should be calculated on the basis of days as per companies act (i.e. upto 30th september)
and depreciation as per income tax act shall be calculated for the half year on the basis of days.
is that correct? if not please correct me...
thanks in advance
Depreciation as per Co Act shuold be calculated on day basis as per the rates specified in schedule XIII & depr as per IT Act should be calculated @ half the rate of the applicable rate to tha asset if it is put to use of less than 180 days during the previous year.
Giridhar
I agree with both Surendar and Giridhar
CAclubindia
