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Can any body tell me what is the difference between Company
act & income tax act depreciation chart, if any one have any
chart or clarification about it, please mail me at
vaish_shiwani87@rediffmail.com
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Answer Posted / srikanta
answer given by Mr. Ekansh garg is partially right but the
following line said by him is totally wrong-
Both the charts are required to calculate depreciation on
fixed assets in case of companies. However, in case of
other assessees like individual,HUF and Firms only income
tax chart is required.
bcoz companies act has given depn sch 4 co. which is the
minimum rates should b taken & i.t depn rates 4 i.t computation
every co,firms etc 4 preparation of accounts should take
their own policy on depn rate & not to depend on the
companies act or i.t act
| Is This Answer Correct ? | 11 Yes | 8 No |
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