06 November 2015
A Private limited company is following Depreciation as per Income tax act in their annual accounts for the past so many years. Now for the year 2014-15, can they follow the same method? If they follow that method, is there any qualification to be made in the Audit report by CA. Gross block of assets is also not available with the company.
06 November 2015
Gross block is required to be presented as per schedule III of companies act. So if that is not presented there has to be a qualificatory remark. Depreciation rates of IT, if it reflects the useful life it can be fine.
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