Declaration Whether, for purposes of determining depreciation to be provided under the section read with section 350, it is immaterial as to whether depreciation in respect of any assets is actually admissible under the Income tax Act and rules made thereunder.

Declaration Whether, for purposes of determining depreciation to be provided under the section read with section 350, it is immaterial as to whether depreciation in respect of any assets is actually admissible under the Income tax Act and rules made thereunder. https://www.taxtmi.com/circulars?id=10709 For determining depreciation to be provided for corporate distributable profits, companies must make the required depreciation provision irrespective of whether the Income tax Act admits a depreciation allowance; only the depreciation rates in the Income tax Rules are relevant, and omission to provide such depreciation will prevent accounts from presenting a true and fair view and may attract penalties on company officers. en-us Mon, 21 May 1962 00:00:00 +0530 Thu, 16 Jun 2011 14:46:00 +0530 TaxTMI RSS Generator Declaration Whether, for purposes of determining depreciation to be provided under the section read with section 350, it is immaterial as to whether depreciation in respect of any assets is actually admissible under the Income tax Act and rules made thereunder. https://www.taxtmi.com/circulars?id=10709 For determining depreciation to be provided for corporate distributable profits, companies must make the required depreciation provision irrespective of whether the Income tax Act admits a depreciation allowance; only the depreciation rates in the Income tax Rules are relevant, and omission to provide such depreciation will prevent accounts from presenting a true and fair view and may attract penalties on company officers. Circulars Companies Law Mon, 21 May 1962 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10709