Depreciation
This query is : Resolved
23 October 2013
why two types of depreciation calculated on asset purchased by employee for loan as per income tax act &
company's act.
23 October 2013
We have to maintain the books of accounts in two sets - as per Companies Act(Book Depreciation) & as per Income tax Act(Income Tax Depreciation).Later set of books is required for assessing income tax liability as per Act & Former as specified by companies Act.
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