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depreciation

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(Querist)
10 June 2008 what is the difference blw depreciation under income tax and company act
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
10 June 2008 Lots of difference. Chiefly,

Diff in rate

Method of calculation:- Block of Assets in IT, Indivisual assets in Co. Act

Only WDV method prescribed under IT Act

IT depn is an allowance, Co. depn is amortisation

IT depn is considered for computing Taxable profit

etc.
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Jitender

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Jitender (Expert)
23 August 2008 rates are different.
treament on sale of asset is different
block of asset concept is used in income tax.
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