Difference wrt depreciation between the Income tax Act and Companies Act, in India.
Channel: eVidhya
Date: 2020-06-03

What is the difference wrt depreciation between the Income-tax Act and Companies Act, in India. Basically, the main difference in the calculation of depreciation under the Income Tax Act and The Companies Act is that of the methods to be adopted for the purpose of computation. Under the Income Tax Act 1961, depreciation on assets is governed by section 32. It is allowed as an expense to the owner of the asset while arriving at income under the head of Income from business and profession, from the year in which asset is put to use for the first time and is calculated on the basis of the block of assets.

(Source: https://www.quora.com/What-is-the-difference-between-depreciation-as-per-income-tax-act-and-as-per-companies-act-2013#:~:text=Basically%20the%20main%20difference%20in,is%20governed%20by%20section%2032.

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