29 July 2011
There are differences in the rates of depreciation. While calculating the taxable income, the depreciation as per companies act is disallowed and the depreciation as per the income tax act is allowed.
29 July 2011
Depreciation for income tax purposes has to be calculated as per the rates given in appendix-1 to rule 5 of the Income tax Rules,1962 whereas for corporates , for accounting purposes, depreciation is to be calculated as per the rates given in schedule XIV of the companies Act,1956.
29 July 2011
Can't say precisely. Depends on the category of asset, method of depreciating the asset viz., straight line method / written down value method etc.
sir i am working in pvt. ltd.co. As Accounts executive,which turnovr comes to near about 36cr. Now my Management is asking me to prepare Monthly Income Statement of company, which i had never done before, how it is to be stared,also plz tell me whatever MIS reports has been prepared by me is absolutely correct or not, what kind of steps to be followed to make perfect monthly income statement of pvt.ltd. co. its very much urgent, please help me sir.
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