Depreciation

This query is : Resolved

Share Report Follow Query Ask a Query

smit sharadkumar dave

smit sharadkumar dave (Querist)
Follow

18 August 2012 Why Company Act & Income Tax act seperated in Depreciation Rate ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

18 August 2012 There are lots of differences in allowability and chargeability of depreciation as per companies act and income tax act like in case of lease, lessor gets depreciation under companies act if it is finance lease but in income tax owner gets depreciation.

If income tax rates are followed then it may not show the correct picture of the profit. and on other hand, if it is allowed as per the companies act, then there may be manupulation in the accounts by the assessee.
Like Depreciation is mandatory in case of IT act but the same is not mandatory under companies act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GIRISH K SATTI

R M Shekhaliya

prasanth kona

Yandamuri yesu raju

efiletax

Subscribe Now

Depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

CA Final

Manager- Finance and Compliance

GST CONSULTANT

Accountant