dear sir,
when i preparing P/L account for the private ltd company the depreciation calculation taken by income tax or companies act ? and also deferred tax assest/ liability calculation explain breifly.
Menu
Income tax
Replies (2)
Take depn as per Companies Act in the P/L A/c.
https://knowyourtaxation.blogspot.in/
The Companies Act provides the % of minimum depreciation. There is no rule that we should adopt the rates specified in the Act in P&L a/c. You can adopt any rate which is higher than that specified in companies act.
However, while preparing the income tax computation, the rates specified as per the Income Tax act must be taken as any amount which is greater than that specified in this Act will be disallowed.
Recent Topics :
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
Related Topics :
CAclubindia
