is it compulsory for a co. to apply depriciation rates as per companies act or it can apply rates as per income tax act??
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yes it is compulsory/mandatory.
You have to record depreciation in books of accounts as per company act and make both schedule of fixed assets as per company act as well as income tax act
| Originally posted by : manik | ||
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is it compulsory for a co. to apply depriciation rates as per companies act or it can apply rates as per income tax act?? |
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The company has to provide Depreciation as per Companies Act. But while Filing the return the Company depreciation will be added back & Depreciation as per IT act will be Subtracted.
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