i have P. Ltd company than which depriciation method is good for p. ltd copany how calculate depriciation as per income tax & as per company act & how pass entry in tally
24 February 2012
Company can follow any method of Straight line method or Written down value method, but should follow consistency, minimum rates as per prescribed by the Companies act
Under Income tax only need to follow written down value method as per maximum rates prescribed by the Income tax
only depreciation under companies act need t be booked in the books of accounts. Income tax depreciation you need to calculate and apply for tax calculation purpose
24 February 2012
Under Income tax apply the Depreciation rate on asset value
suppose rate us 16.21%
Rs.342000x16.21%x 1 Month & 7 days/12
Entry Dr: Depreciation a/c Cr: Provision for Depreciation a/c
Under Income tax apply depreciation rate on asset value. and calculate depreciation. since the asset is used below 180days during the year. so only 50 % of depreciation can be claimed
in this year my company profit is 40 lakh & i want to give 2 director & 3 marketing employee each person 50,000/- insentive or bonas than how pass entry in tally in which head & in this amount Tds deducted or while form -16 made that time deducted this income include in form-16
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