Regarding ICDS V, Income Tax

[RAJEEV JAIN]

In case of Company Assessee, Depreciation is charged in books as per rate /useful life mentioned in Companies Act but in Income Tax Act, it is allowed as per WDV method and specified rate of depreciation. ICDS V also says that depreciation shall be allowed as per Income Tax Act. Hence, Should we declare the difference between depreciation charged in boks (as per Companies Act) and Income Tax Act as adjustment on profit because of deviation from ICDS in Tax Audit and ITR or not?

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

In my view yes