11 July 2012
SIR CAN U PLEASE HELP ME OUT I HAVE BEEN AUDITING THE DETAILS OF A FIRM & FOUND THAT THE COMPANY IS MAKING A DEPRECIATION SCHEDULE IN WHICH IT IS CHARGING DEP IN SOME ASSETS AS PER WDV METHOD & SOME ASSETS AS PER SLM BECAUSE IT HAS DIFFERNT SEGMENT IN WHICH THOSE ASSETS ARE USED?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
Dear Sir my one client has GTO about 1cr.in A.Y. 2010-11. Audit has been done but ITR could not be filed till now. he also want to claim refund about 1 lakh. How can we file ITR and get refund?
11 July 2012
Refer Circular letter No. 10 (1)-CL VI dated 27-9-1961 issued by the above mentioned authority reproduced below:
“It is permissible to adopt different method for different types of assets provided the same basis is consistently adopted from year to year in accordance with the provisions of Section 205(2).”
17 July 2012
Section 350 of Companies Act Provide for Minimum Depreciation.
Its company to decide what rate should be opt for which asset. and this is done by defining accounting policy on Depreciation on different class of Assets but the same should not be less minimum amount specify in Companies Act.
Hence company can use different rate/method for different type of assets provided same is covered in his accounting policy and same is followed consistently.
CAclubindia
