companies Act and Accounting Standard 6
This query is : Resolved
06 September 2009
can companies charge different rate of depreciation from that specified in companies act sec 349 or schedule 14.Can companies charge rate applicable as per Income tax act in financial books.
10 September 2009
Company can charge different rate of depreciation than which is provided in companies act. see sec349/350/1. But the rate applied should be sufficient to write off the asset over its life based on sufficient reasons.That should be mentioned in the financial statements
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