Difference between depreciation as per it act & co. act?

rates are different in both the acts. For computaion of taxable income depreciation rates as per IT Act are considered and for the purpose of preparing P&L A/c and balance sheet depreciation rates as per Companies Act are considered

Rates are different in both Companies act and Income tax Act

In Income tax Act we have to compute depreciation on Block of Assets Concept where in you have to follow only WDV and not straight line except power generating companies

COmpanies Act we have schedule xiv Rates for Straight line and WDV based on shifts which are minimum rates and a company can follow higher rates than envisaged by Shedule xiv

Income Tax Act provides for

1.Depreciation rates for different assets...

2.Also it allows only usage of WDV method of depreciation...

3.there is additional depreciation allowed on NEW MACHINERY purchased....

whereas,

Companies Act only Provides for compliance with AS for depreciation issued by ICAI

Click on our website:
====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====

50%Discount summer fashion :Sandle,t-shirt,caps,jerseys,handbag and brand watches!!!

$30 Air Jordan shoes,Shox shoes,Gucci,LV shoes

$33 True Religion jeans, Ed Hardy jeans,LV,Coogi jeans,Affliction jeans

$15 Ed Hardy ,LV ,Gucci Bikini

$15 Polo, Ed Hardy, Gucci, LV, Lacoste T-shirts

$25 Coach,Gucci,LV,Prada,Juicy,Chanel handbag,

$10 Gucci,Ed Hardy sunglasses

$9 New Era caps.


====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====


====( https://www.fullmalls.com )=====