a central psu charges depreciation on its fixed assets at rates prescribed in the IT Act, 1961 with a suitable disclosure in the notes on accounts regarding increase of profit if depreciation were charged as per companies act. can anything be commented upon this in the light of AS-22 (disclosure of deferrd tax assets\liability)?
1 Replies
Ashish Barthwal
(Article)
(137 Points)
Replied 28 July 2009
A company has to charged minimum of rates as mentioned to the Companies Act, and company can't reduce its rates below than that,
But if a company wants to charge higher charges then by making proper disclosure as AS1, and notes to account the company can charges higher rates
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