Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
09 January 2012The 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,
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 09 January 2012
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.
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 09 January 2012
| 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
Sai charan
(Article Assistant)
(72 Points)
Replied 01 July 2016
EVEN MY REPLY IS SAME AS ABOVE...
A PARTNERSHIP FIRM CAN APPLY RATES AS PER IT ACT
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