Depreciation in books of account of a partnership firm

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com )   (3468 Points)

09 January 2012  

The assessee partnership firm wants to provide depreciation as per income tax act rates in its books of account. Is there any problem ? Schedule XIV is not applicable to a PF, so it can apply any rates in books ? Does accounting standard on Fixed asset and depreciation applicable to a partnership firm ? Regards,