14 April 2012
According to company law rules apply depreciation on fixed assets with specified rates on the basis of number of days the asset has been put to use.
According to Income Tax, apply depreciation on fixed assets with specified rates on the basis of purchase made before 1st October & afterwards. Suppose asset is purchased before 1st October, apply depreciation at full rate specified. If it is purchased on/after 1st October apply depreciation at half the rate prescribed.
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