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Categories  >>  Accounting  >>  Audit
 
 


 

 
 Audit interview questions  Audit Interview Questions
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions
 Taxation interview questions  Taxation Interview Questions
 Accounting General interview questions  Accounting General Interview Questions
 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question
Will it be fine if private Ltd Company do not follow 
depreciation rate as per The Companies Act,1956 & follow 
Depreciation Rates as per Income Tax. Also is it necessary 
to claim VAT Setoff on Asset Capitalised only after some 
percentage of retention.
 Question Submitted By :: Gaurav
I also faced this Question!!     Rank Answer Posted By  
 
  Re: Will it be fine if private Ltd Company do not follow depreciation rate as per The Companies Act,1956 & follow Depreciation Rates as per Income Tax. Also is it necessary to claim VAT Setoff on Asset Capitalised only after some percentage of retention.
Answer
# 1
Will it be fine if private companies Annual Income statment 
and finanical statment should based on companies Act 1956. 
depriciation also should follow as per given under shedule 
of companies act. if the companies do not follow the 
depricition rate as per companies act. the company can 
claim vat 50% on total value in first six month and 
remaining 50% can be claim in subsequent six month
 
Is This Answer Correct ?    2 Yes 3 No
J Praveen Raja
 

 
 
 
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