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    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: • Same rate assets clubbed together • Depreciation allowed on the entire block • Simplifies record-keeping • No need to track individual assets

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