Azaz (Accountant) (24 Points)18 June 2016
Replied 18 June 2016
As per Income Tax Act Depreciation should be 15% for half year.
As per Companies you would have to calculate the depreciation as per the useful life of asset as per given in the Schedule II of Companies Act 2013.
(Student CA Final )
Replied 21 June 2016
As per Income Tax Act, 1961, One have to charge depriciation at the rate of 7.5% As per Companies Act 2013 As per schedule II of Companies Act 2013