dep diff
This query is : Resolved
09 July 2009
wat is the diff iN I T depreciation
and CO. ACT dEPRECIATION PLS EXPALIN
WHICH ONE IS TAKEN IN MAKING CO BOOKS IMTHINK AS PER SCHEDULE VI
and CO. ACT dEPRECIATION PLS EXPALIN
WHICH ONE IS TAKEN IN MAKING CO BOOKS IMTHINK AS PER SCHEDULE VI
09 July 2009
Depreciation as per schedule xiv of the companies act,1956 may be followed while preparing financial statements of Companies.
For calculating taxable income of companies depreciation debited in p/l account as per co's act will be added to the profit and depreciation calculated under income tax act,1961 is deducted.
This adjustment is being done since depreciation rates under income tax act and companies act are different.
For calculating taxable income of companies depreciation debited in p/l account as per co's act will be added to the profit and depreciation calculated under income tax act,1961 is deducted.
This adjustment is being done since depreciation rates under income tax act and companies act are different.
09 July 2009
Accounts are prepared on companies act basis so dep would be as per companies act i.e. Sch VI
09 July 2009
agree with Mr. Warrier
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