17 September 2010
whether a pvt ltd co. can charge dep in it's book as per income tax act rates ?if no,why & wat r the consequences if charged like that
17 September 2010
In case of Company , you have to follow Schedule XIV of Companies Act. If you have not follow it then auditor should qualify this in his report.
You have to charge the comparable higher rate of depreciation failing which you'll have to face the objections or Audit report qualifications from Auditors.
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