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Depreciation

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(Querist)
23 October 2013 why two types of depreciation calculated on asset purchased by employee for loan as per income tax act & company's act.
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harish

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harish (Expert)
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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