As there is a two types of rates of depreciation i.e as per
Income tax Act & As per Company Law.But, in accounting
process which of these rates should be taken ?
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Answer / h.r. sreepada bhagi
In case of a Company, depreciation has to be charged on
Fixed Asses in the books of accounts as per the provisions
of the Companies Act, 1956.
For Computation of Taxable Income, depreciation has to be
calculated as per the provisions of Income Tax Act, 1961.
For all non-corporate entities, depreciation has to be
calculated as per the Income Tax Act, while computing
Taxable Income.
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