Interested to Buy Any Domain ? << Click Here >> for more details...
what is the difference between depreciation in account books
and depreciation as per income tax act
- 2 Answers
- 5062 Views
- I also Faced
- E-Mail Answers
Answer Posted / barodianbuddy (acca)
In general accounting any method of depreciation can be used for calculating accounting profit but while calculating corporation tax, Taxable profit is calculated and in that HMRC disallows depreciation on fixed assets.
According to UK tax law (HMRC)
Depreciation on fixed assets is disallowed for corporation tax purposes. Companies are instead allowed a fixed writing down allowance on certain capital expenditure such as expenditure on plant and machinery.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What are control ledgers? What are the purposes of maintaining it?
Pass the journal entry: rent outstanding
What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?,
What is reversing journal entries?
how to prost entry for purchases with a bill
what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement
What is cash flow and fund flow?
Mention what does the investment of personal assets by the owner will do?
1. how to pass TDS entry in tally 2. how to pass service tax entry in tally 3. how to pass depreciation entry in tally 4. what is percentage in TDS and service tax
how to assign the cost center to GL Account in SAP (FICO)
what is the primary of for-profit organisation
Private purchases amounting to rs 5000 have been debited to purchases account
How to pass journal entry of gifts purchased for employee by using campany ATM card
How create the invoices?
Tell me how you can adjust entries into account?
