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Depreciation

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(Querist)
20 September 2010 Can anybody help me on the following :

Suppose I have purchased a Car for Company name, so can I write off the booked asset with in a 3 years period through our own Depreciation rate. if yes then how i can go ahead.

Please advice.

Thanks in advance
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sudhakar ca cwa

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sudhakar ca cwa (Expert)
20 September 2010 if it is a company then u need to follow comapnies act.

if not take the depreciation as per ur policy.

but for income tax u need to add that to ur book profits and less the dep as per IT ACT

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