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    Higher Rate of Depreciation Possible or not

    Posted By : Kamal / Published on : 10-Jul-2021 04:55 PM / View : 623 / Comment : 0

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    Hello,

    Is it possible to change the accounting policy of the Company and take the higher rate of depreciation between the Income Tax Act and Schedule II of Companies Act 2013 ?
    The rate of depreciation shall be determined on the basis of the useful life of an asset in Companies Act.
    A suitable justification would be provided while doing the amendment in accounting policy.
    The reason for doing so is to set aside the obvious deferred tax asset/liability which is a future thing and make the financials look more actual than before.

    Opinions are invited in this regard please.
    Read more on : possible depreciation rate higher

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