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Depriciation under companies act 2013

200 views 1 replies

piyush kr. singh

student

261 Points Joined February 2010

We are small company as per companies act 2013

& follows company's act 1956 uptill now in charging depreciation. Now we want to follow new companies act 2013 regarding charging of depriciation for the financial year 2016-17. What should we do? & what will be the impact of depreciation over or undercharged in the books of accounts. ?

Please guide me the best in this regards.

Replies (1)

Luvish Jain

Tax Consultant

507 Points Joined November 2012

small companies r basically whuch hv turnovr upto 5 cr. and can pay tax at 29% instead of 30% ,
further if in fy 2015-16 the turnovr was below 50cr thn they cn paybtax at 25%,

REGARDING depreciation, u ll hv to recalculate as per companies act 2013 and then provide for extra undercharged amounts in cy..