Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2014
Is company allowed to charge dep. as per companies act. I mean is there no compulsory provision to charge dep as per IT act 1961 also and make an adjustment of Deferred tax.
01 September 2014
u need to follow co act only and only for income tax u need to take it act
01 September 2014
1. It is mandatory for companies to charge depreciation as per Companies Act
2. It is also mandatory for Companies to follow AS 22 and calculate timing difference resulting in deferred tax asset or liability.
2. It is also mandatory for Companies to follow AS 22 and calculate timing difference resulting in deferred tax asset or liability.
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2014
i mean sir while tax auditing can we only provide dep as companies act, ignoring IT act dep. and their respective DTA\DTL effect. plz suggest me the solution.
01 September 2014
Tax audit is governed by Section 44AB of the Income Tax Act.
so it is mandatory to compute depreciation as per Income Tax Act because income under the head PGBP is computed as per the provisions of Section 28 to 44D
Section 32 provides deduction of depreciation.
so you have to disallow depreciation as per companies act & allow depreciation as per Income Tax Act
so it is mandatory to compute depreciation as per Income Tax Act because income under the head PGBP is computed as per the provisions of Section 28 to 44D
Section 32 provides deduction of depreciation.
so you have to disallow depreciation as per companies act & allow depreciation as per Income Tax Act
01 September 2014
no, while doing tax audit only depn as per it act is allowed and not as per co act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
