Hello Everybody,
I hav came across a query that whether a co. can charge dep. as per I.T Act in its books of accounts and not as per companies act???Is it possible??
6 Replies
santhosh
(CA)
(636 Points)
Replied 03 July 2009
Yes but the rate should be higher than the rates prescribed under the Co act..
praveen
(Chartered Accountant)
(6971 Points)
Replied 03 July 2009
yes the rates charged can be as per anything however it must not be less than what is there in companies act.
Riyaz Khan
(CA CS (Exec) MBA (Fin) Asst. General Manager-SEBI Internal Auditor-British Certifications Inc.)
(1315 Points)
Replied 03 July 2009
Of course it can do so, but rates should be more than prescribed under the Companies Act, 1956...
RAMANJU
(here to updating the knowledge)
(485 Points)
Replied 04 July 2009
To add one more thing, a disclosure to that effect be made in notes to account.
Max Payne
(employed)
(2574 Points)
Replied 04 July 2009
Depreciation rate prescribed under schedule XIV is only minimum rate. but u can adopt any rate above this rate, and make the changes as per AS6 and AS5.
Hasan
(Chartered Accountant)
(29 Points)
Replied 06 July 2009
Thnx Everybody. But the Comparison should b made from the point of view of SLM or WDV????
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