10 April 2009
For rates of depreciation under Companies Act,1956 pl refer schedule XIV and for rates under Income tax Act,1961 pl refer appendix-1 of rule 5 of the Income tax Rules,1962.
10 April 2009
I support Devanshi. At the time of filing of Income Tax Return, you will need to add back the depreciation as per companies act in Net profit, and deduct Depr as per IT Act. All this working shall be out of books, and no adjustment shall be made in the books for depr as per IT Act.
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