26 April 2010
However there could be a chance that the company can charge deprecaition at a rate higher than what is prescribed in schedule to Companies act and that rate might be equal to the rate as per companies act but it could be possible in cases only where depn. rate as per companies act is lower than income tax act.
For eg: machinery is depreciated @ 13.91% as per wdv method in companies act. If might be depreciated at a higher rate (lower rate not possible) which could be 15% and the said rate will be equal to the rate as per Income Tax Act.
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