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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 / ekansh garg
The above answer given by me is absolutely correct.
The companies act gives the depreciation rates which are
suppose to be followed by companies only.
The companies are bound to use these rates.
Two types of rates are given in the depreciation schedule:
1. Written down value basis
2. Straight Line basis
The companies have the option to follow either of these rates.
"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" by this it is meant that the
companies act require companies act rates for preparation of
P & L A/c as per Schedule VI and for computation of income
tax act they require I.T Rates.
However companies can also charge excess depreciation if
they claim more usage of the asset. But in that case MAT
provisions will also be have to be kept in mind.
But for computation of I.T for other assessees only I.T
rates are required.
If Mr. Srikanta or anyone else have any further doubt
contact me at ekanshgarg@gmail.com
| Is This Answer Correct ? | 19 Yes | 6 No |
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