After providing depriciation as per companies act. if value of asset becomes nil, then what will be effect of that asset as per income tax act and how to calculate depriciation as per income tax act for such property of whcih value becomes nil as per companies act
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Depriciation and value of asset
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Depreciation under income tax act is governed by section 32 and even if an assets value becomes zero as per the provisions of companies act the same will be allowed depreciation as per income tax rules and section 32. Books of accounts accounting will not affect the depreciation allowable as per income tax act.
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