Month: September 2024

Depreciation as per Companies Act, 2013

Posted by The Tax Herald | Sep 2, 2024 | Posts |

The Companies Act, 2013 provides the useful life of various assets under Schedule II. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. Full text of Schedule II of Companies Act,2013.

Depreciation rates under Income Tax Act

Posted by The Tax Herald | Sep 1, 2024 | Income tax, Posts |

Depreciation is a provision that allows businesses to claim a deduction for the decrease in value of tangible assets used in their business operations over time. The Income Tax Act provides for different rates of depreciation for different types of assets