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General query on accounts
wE HAVE A PARTNERSHIP FIRM STARTED ON 01.04.2016. wE HAVE PURCHASED FURNITURE OF Rs. 1,50,000/- and Machinery at Rs. 25000/-. What rate of depreciation will be taken at the end of the year and what method will be adopted SLM or WDV. Please confirm.
Replies (1)
Dear Sir,
You can take depreciation rate as per Income Tax Depreciation Rate (WDV).
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