Can we provide income tax depreciation rates in Company's Profit and Loss account?Pls. also see attached file.
3 Replies
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 12 September 2009
Company can consistantly follow a rate which should be the rate specified in the Companies Act or a higher than that rate and give a note to that effect.
Rajeev
(www.rkmco.com)
(985 Points)
Replied 20 September 2009
The rates provided in scedule XIV are the minumum rates of depreciation to be charged by the company , a higher rate can be used consistently provided a note is given according to sec 205 . There fore if the rates provided in IT rules are higher than those provided in Schedule XIV , those rates can be used by qualifying under section 205
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