Dear ALL,
In case of LLP whether we need to provide depreciation as per companies act or we can directly provide as per Income Tax act. ?
Please reply
Rajesh Poddar
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Depreciation in llp as per co. act or it act
Replies (2)
I think u dont need to prepare separate accounts for compliance purposes,as the main aimn of the act was to reduce compliance burden. Hence directly IT acts rates can be applied as is done in the case of ordinary partnership.
If partner Introduces asset as capital in LLP. Then can that LLP claim the depriciation on such asset??
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