Question ID :
40912
RATE OF DEPRECIATION.
AT THE TIME OF FINALIZATION OF BOOKS OF ACCOUNTS OF PRIVATE LIMITED COMPANY, WHICH RATE OF DEPRECIATION WE HAVE TO TAKE. AS PER COMPANIES ACT OR INCOME TAX ACT. CAN I TAKE RATE OF DEPRECIATION AS PER INCOME TAX ACT AT TIME OF FINALIZATION OF BOOKS OF ACCOUNT. SO THAT THERE IS NO TIMMING DIFFERENCE IN DEPRECIATION. AND THEREFORE THERE IS NOT NEED TO CALCULATE ANY TIMING DIFFERENCE FOR DETREMINATION OF DIFFERED TAX. THANK YOU.
Posted by
AJITKUMAR L PATEL
on
Dec 03, 2020
Filed Under
Companies Act, 2013
Depreciation as per schedule II of the companies Act,2013 has to be provided in the books of accounts.
Posted by
B.CHACKRAPANI WARRIER on
Dec 08, 2020
Answer ID :
80829
Depreciation in books of accounts must be calculated as per companies Act. Effect of adjustment for deferred tax should be given in computation of income.
Posted by
CA. chunauti dholakia on
Dec 09, 2020
Answer ID :
80833
Depreciation had to be provided as per Companies Act and calculate and provide for Deffered Tax
Posted by
SURAJ KUMAR CHOUDHARY on
Dec 12, 2020