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Depreciation in partnership firm

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)

09 January 2012

The assessee partnership firm wants to provide depreciation as per income tax act rates in its books of account. Is there any problem ? Schedule XIV is not applicable to a PF, so it can apply any rates in books ?

Does accounting standard on Fixed asset and depreciation applicable to a partnership firm ?

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3 Replies

CA Neil Ganatra (Partner - Gautam Joshi & Co.) (871 Points)
Replied 09 January 2012

Hi,

Generally in partnership firms depreciation rate as per inocme tax is applied. so there is no problem in applying depreciation rates prescribed under Income Tax Act.

Sanket (!..Live to Give..!) (16427 Points)
Replied 09 January 2012

Originally posted by : CA Neil Ganatra
	Hi, Generally in partnership firms depreciation rate as per inocme tax is applied. so there is no problem in applying depreciation rates prescribed under Income Tax Act.