technique of depreciation in evaluating the tax liability
According to Income Tax Act, 1961what technique of depreciation calculation is employed to evaluate the tax liability?
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According to Income Tax Act, 1961 Written down value Method of depreciation is employed to compute the tax liability. Within this method, depreciation is charged at prearranged rate that is computed on the balance of cost of asset less amount of depreciation previously charged. The rate at that the depreciation will be computed is as well specified in the Income Tax Act 1961.
Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% Firm is proposing to buy the new plant that could generate extra annual profit of Rs. 10,000. The fixed cost of new plant is expected to Rs. 4000. New plant would increase sales volume by Rs. 40,00
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