26 April 2008
If you have some proof that from when you have started using the asset then definitely it will be the date when it is put to use but in maximum cases because it is not possible to find out the put to use date, assessees are applying the date of purchase/ delivery note date. You have to use Company's Act rates is your concern is a company whether a pvt ltd or a ltd., but if you have another type of concerns like proprietorship then you may opt for any one consistently. But for the purpose of income tax return, you have to re-calculate your profit and loss using depreciation rates as per Income Tax Act.
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