Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Depriciation under companies act 2013

300 views

Save Share

Join Us Follow Us Add as Source

piyush kr. singh

student

169 Points Posted on 16 August 2017

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

393 Points Posted on 17 August 2017

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..