Answer Posted / ekansh garg

There are 2 types of depreciation charts:

Income tax act depreciation chart is given in Sec. 32 of
Income Tax act 1961, and is required for the computation
of 'income from business and profession' as per income tax
act.

Whereas companies act, 1956 Schedule XIII gives the
depreciation rates as per companies act. This chart is
applicable only to companies.

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.

While computing total income of a company for the purpose
of payment of tax:
Profit/loss as per Profit and Loss account (prepared
according to Companies act) is taken and depreciation as
per companies act is added back to it. Then depreciation as
per Income tax act is reduced from the above amount. The
amount so arrived is the amount on which tax will be paid
subject to any other adjustments.

Also, deffered tax as per AS 22 is calculated on the
difference of Carrying amounts of Fixed Assets as per
companies act and income tax act, and the same is adjusted
in the balance sheet and profit and loss account of the
company.

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