1961 AS WELL AS THE COMPANIES ACT Archives

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO DEPRECIATION UNDER THE INCOME TAX ACT, 1961 AS WELL AS THE COMPANIES ACT, 2013

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO DEPRECIATION UNDER THE INCOME TAX ACT, 1961 AS WELL AS THE COMPANIES ACT, 2013 Which of the following methods of depreciation is commonly used for tangible assets under the Income Tax Act, 1961? a) Annuity method b) Sum-of-years’ digits method c) Unit of time method d) Written down value […]

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO DEPRECIATION UNDER THE INCOME TAX ACT, 1961 AS WELL AS THE COMPANIES ACT, 2013 Read More »

DEPRECIATION UNDER THE INCOME TAX ACT, 1961 AS WELL AS THE COMPANIES ACT, 2013

DEPRECIATION UNDER THE INCOME TAX ACT, 1961 AS WELL AS THE COMPANIES ACT, 2013 Introduction: Depreciation is a significant accounting concept that recognizes the gradual wear and tear, obsolescence, or expiration of an asset’s useful life. The Income Tax Act, 1961, and The Companies Act, 2013 provide guidelines for determining the allowable depreciation for tax