Depreciation
This query is : Resolved
30 June 2009
In the books of accounts of properietory concern (Properietor Firm) whether depreciation will be provided as per the company act or the income tax act?
30 June 2009
you may apply depreciation as per income tax act and not as per companies act.
30 June 2009
as per income tax act
01 July 2009
1. Companies has to follow depreciation rates prescribed under Companies Act.
2. Depreciation rates of Income Tax Act are used to arrive ta taxable income.
3. Accounting standards are mandatory to be followed while auditing accounts by ICAI members.
4. It is not mandatory for proprietorship to follow depreciation rates under Income Tax/ Companies At/ fololow guidelines prescribed by AS.
5. However, it is suggested to follow guidleines of AS, as a matter of good accounting prcatice.
2. Depreciation rates of Income Tax Act are used to arrive ta taxable income.
3. Accounting standards are mandatory to be followed while auditing accounts by ICAI members.
4. It is not mandatory for proprietorship to follow depreciation rates under Income Tax/ Companies At/ fololow guidelines prescribed by AS.
5. However, it is suggested to follow guidleines of AS, as a matter of good accounting prcatice.
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