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01 May 2014
there is a question regarding depriciation .. that if i purchase an asset n sale d same in d same financial year than tell me if depri as per co. act n i.t. act applicable or not..?
Harsha goyal
(Expert)
04 May 2014
As per companies act you need to provide depreciation on asset for the nos of days it was used. while as per income tax the asset will be added in the block of asset and at the time of sale it will be deducted from the block of asset. Depri as per income tax is provided on entire block of asset and not on individual asset unlike companies act.
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