As per one of my client's (company) accounting policies they follow depreciation as per the rates prescribed under income tax act and rules thereof... So now my question is.. It being a Company is it require torevise its depreciation in books as per the rules of The Comopanies Act,2013.
Archana Pitti
(archanapitti775 @ gmail.com)
Depreciation should be calculated as per companies act only, while preparing final a/c. Schedule 2 of Companies Act, 2013 prescribes minimum rates of depreciation. Hence, using the rates of depreciation below such prescribed rates do not represent true & fair view. However, rates as per income tax act may be used in final a/c too provided they are higher than the rates specified in Schedule 2.
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