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.
possible
depreciation
rate
higher
