Sequence the steps for computing depreciation in income from Business and Profession: (A) The written down value of each block as on the last day of the previous year (B) Find the value of each block at the beginning of each year (C) The money received along with scrap value, if any in respect of the same blocks, which are sold/discarded during the year (D) Assets required during the year in the respective blocks to which the new assets belong Choose the correct answer from the options given below:?

(A), (B), (C), (D)
(B), (D), (C), (A)
(A), (B), (D), (C)
(D), (B), (C), (A)

LohaHridoy

6 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 2 : (B), (D), (C), (A)

The correct answer is (B), (D), (C), (A)

Depreciation:

The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation.

Section 32 of the Income Tax Act 1961 talks about depreciation. Depreciation is defined as a reduction in the value of the asset due to wear and tear of the asset.

Steps for computing depreciation in income from Business and Profession:

1. Find the value of each block at the beginning of each year.

2. Assets required during the year in the respective blocks to which the new assets belong

3. The money received along with scrap value, if any in respect of the same blocks, which are sold/discarded during the year

4. The written down value of each block as on the last day of the previous year

6 views Answered 2022-09-04 04:29

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