Account finalization

This query is : Resolved

irfan (Querist)
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20 June 2015 When we are going to finalize company account at that time which depreciation method is used. We have to depreciate as per companies act or as per income tax act after then we have to print balance sheet

Rupesh Jain

Rupesh Jain (Expert)
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20 June 2015 UNDER COMPANY ACT YOU HAVE TO TAKE DEPRECIATIN AS PER COMPANY ACT AS PER AMENDED RATE. AND AS PER INCOME TAX DEPRECIAION WILL APPLICABLE WHEN YOU FILE THE INCOME TAX RETURN.

CA Himanshu Ojha

CA Himanshu Ojha (Expert)
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20 June 2015 For preparing the balance sheet of the company, you have to consider Depreciation as per Companies Act 2013 and you have to work out the time difference between depreciation by companies act and income tax act for calculating Deferred tax, which has to be shown in P&L a/c and Balance sheet.

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irfan

irfan (Querist)
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22 June 2015 Thanks Sir, for information
Sir i want more information regarding this in detail. Any one have notes or article so that
we will get full information.

irfan

irfan (Querist)
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22 June 2015 I have checked our company previous balance sheet and CA depreciate as per income tax act fixed asset. I am so confused please suggest