Please let me know -
Is it necessary / mandatory for a company (whether public or private) to charge depreciation as per schedule XIV of the companies act, 1956 or it can charge depreciation as per section 32 of the Income Tax Act, 1961 in the Financial Statements ?
Kind Regards
Neha 
Satish
(CA Final Student)
(479 Points)
Replied 07 August 2009
It is not mandatory to follow Schedule XIV for every company. The depreciation can be charged at the rates prescribed under section 32 of the Income tax Act but in no case the depreciation so charged should be less than the rates mentioned in schedule xiv of the companies Act, 1956.
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 08 August 2009
when company charge dep as per schedule XIV of thecompany act is mandatory but when u file return then dep as per company act is dis allowed and sec 32 of income tax is applied
CAclubindia
