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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2017 Sir,

please guide me in the issue in F. Y. 20012 to 2015 ,depreciation charged according to the Income Tax and the same has accounted in P & L A/c of a Private Limited Company. is there any correction can be done as per companies act. and under which section changes can be done.

Please reply on urgent basis

Amol S Joglekar

Amol S Joglekar (Expert)
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13 September 2017 if the magnitude of depreciation is NOT significant, you can let it go.
If it is MATERIAL / significant, pass the rectification entries in the current year.

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2017 value of asset was 1.5 cr. and total dep claimed till 31.03.2016 .35 cr than what will be the value of gross block at 01.04.2017

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Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 you can better pass the rectification entry in the current financial year.