Accounting entry as per Income Tax Act in asset accounting

[Former Member]

Hi,

In Asset Accounting depreciation is maintained as per Companies Act and as per Income Tax Act. Accounting entry is generated as per Companies Act. I have a doubt about Income Tax Act. Is there any accounting entry is generated in Income Tax Act ?

Kindly give me reply.

[srinivasa_maruvada]

Hi

There is no need of accounting entry as per IT Act in Tax depreciation area . Tax Depreciation area is only for reporting and not for calulating any profit or loss like companies act.

Cheers

Srinivas