Diff depriciation as per co>act & it act

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Hiii.. frnds... What is difference between depreciation as per CO ACT & IT ACT?? For Audit which depreciation is consider??? And under TAX Audit report which depreciation shows???
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for company accounts refer company act while prepare accounts books and for partnership firm & indivual refer income tax act while prepare accouns books. 

But remember in company accounts u have to pass deffered tax entery .

 

for what defrred tax entry passed???

first calculate deprecation as per income tax than deprecation as per company act

now

1) if depreciation as per income tax is greater than as per company act 

thn passed entry -

Deffered Tax Dr (amount = depreciation @ 30.9%)

 To Deffered Tax laibilty 

2) if depreciation as per income tax is Less than as per company act 

thn passed entry 

Deffered Tax Dr

 To Deffered Tax Assets

 

What is rate of depriciation commercial vehicle?? Wchich method to follow for depriciation  of individual business ??

 Are included Insurance expenses ,RTO expenses in  Cost of vehicle ???

 


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