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author's profile photo Former Member
Former Member

depreciation

Experts:-

plz I requested WHEN ever do the configuration for the BOOk depreciation at that time according to the companies act, (1956) what are the standards are we are take.......

and the same way according to the Income tax act.

(any documentation for this one plz send to me mail:- bmsrao78@yahoo.co.in

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  • author's profile photo Former Member
    Former Member
    Posted on Nov 20, 2007 at 06:51 AM

    hai,

    Depreciation will be calculated according to companies act as well as income tax act.

    While doing configuration, you want to know the percentage of depreciation for each ACT. And also Book Depreciation will start from the purchase date where in income tax act will start from 01.04.2007 or 01.10.2007 depends on purchase. Asset is purchased on or before 30.09.2007, system will take 01.04.2007 for calculation purpose. If purchases on or before 31.03.2008 system will take 01.10.2007 for depreciation calculation purpose.

    Depreciation will post to FI books for companies Act

    Deprecition will not post to FI for Income Tax Act.

    Please award points if you are satisfied.

    govind.

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  • author's profile photo Former Member
    Former Member
    Posted on Nov 20, 2007 at 07:26 AM

    aprtfrom govindraj info we have to use 01, 02 and 30 depreciation areas , u can copy the same from 0de germany

    thanx

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