πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      Depreciation under Income Tax Act is calculated

      on:
      A Individual assets Correct Answer Incorrect Answer
      B Block of assets Correct Answer Incorrect Answer
      C Asset groups chosen by company Correct Answer Incorrect Answer
      D Only machinery Correct Answer Incorrect Answer

      Solution

      Income Tax follows the Block of Assets concept: β€’ Same rate assets clubbed together β€’ Depreciation allowed on the entire block β€’ Simplifies record-keeping β€’ No need to track individual assets

      Practice Next

      Relevant for Exams:

      ask-question