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,
Hi,
Generally in partnership firms depreciation rate as per inocme tax is applied. so there is no problem in applying depreciation rates prescribed under Income Tax Act.
| Originally posted by : CA Neil Ganatra | ||
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Hi, Generally in partnership firms depreciation rate as per inocme tax is applied. so there is no problem in applying depreciation rates prescribed under Income Tax Act. |
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Fully Agree
EVEN MY REPLY IS SAME AS ABOVE...
A PARTNERSHIP FIRM CAN APPLY RATES AS PER IT ACT
Sanath Sheshagiri & Co.
Bengaluru
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Austin Med Solutions Pvt Ltd
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CCI
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