If i want to pay less tax,which method of depriciation
should be adopted?
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Indian Income Tax Act has prescribed the only method of
charging depriciation u/s 32 is written down value method
by combinig assets in to blocks according to their
percentage of depriciation, so this is the method you have
to follow
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Answer / h.r. sreepada bhagi
As mentioned by Mr.Md.Abdul Qader, There is only one method
of Charging Depreciation, i.e. WDV u/s 32 of the Income Tax
Act, 1961. This applies to block of assets and is calculated
@ full rate prescribed for the assets used for more than 180
days & @50% of the prescribed rate for the assets used for
up to 180 days during the previous year relevant to the
assessment year.
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Answer / kodanda rama
FOR COMPANIES, TAXABLE INCOME AND TAX LIABILITY WILL BE
CALUCULATED BY CHARGING THE DEPRECIATION AS PER THE RATE
GIVEN U/S 32 OF INCOME TAX ACT.
ONLY FOR ROC FILLING PURPOSES DEPRECIATION CAN BE CHARGES
AT WDV OR STRAIGHT LINE METHOD.
BUT FOR TAX CALCULATION PURPOSE, WE SHOULD NOT CHARGE
DEPREICIATION AT WDV OR STRAIGHT LINE METHOD.
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