Depreciation under Company's Act, 1956
This query is : Resolved
05 December 2007
U/S 205 & 350 there is defined bare minimum depreciation rate for different assets, my question is if we want to depreciate an asset at more than the rate difined under company's act, how can we do so.
With Best Regards,
Sabir Mulla
With Best Regards,
Sabir Mulla
06 December 2007
06 December 2007
THE RATES OF DEP. STATED IN SCH XIV( FOR WHICH A REFERENCE WAS TAKEN IN SEC 350) ARE THE MINIMUM RATES. IF A COMPANY CHARGES MORE DEP., THERE IS NO BAR( THE COMPANY NEEDS TO JUSTIFY THE INCREASED RATES WHEN AND IF CALLED FOR) . BUT ANY METHOD OR RATE OF DEP. POLICY FOLLOWED BY THE COMPANY HAS TO BE CONSISTENT.
AS 6 OF ICAI THOUGH NOT RELEVANT IN THIS CONTEXT, DOES NOT PRESCRIBE ANY RATE OF DEP.
R.V.RAO
AS 6 OF ICAI THOUGH NOT RELEVANT IN THIS CONTEXT, DOES NOT PRESCRIBE ANY RATE OF DEP.
R.V.RAO
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