Depreciation
This query is : Resolved
Ameya S. Oke
(Querist)
19 September 2009
Kindly inform me whether under what circumstances SLM Method can be followed under IT Act, 1961. In SLM method is block method applicable? Or the depreciation has to be compulsorily calculated as per Sec. 32
CA. B.SRINIVASULU
(Expert)
19 September 2009
The depreciation as per income tax is defined under section 32. Section 32 states that you have to compulsiorly follow wdv method for the each block of assets as per the depreciation rates provided in section 32.
20 September 2009
However, u/s 32(1)(i) an undertaking engaged in generation, or distribution of power, depreciation will be allowed on SLM method instead of on WDV method at the rates prescribed in Rule 5 (1A) read with Appendix-1A.
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