This book is a very useful guide for taxpayers, Department and professionals, covering detailed discussion on various provisions which need to be considered for the purpose of computing depreciation under Income Tax Act, 1961 as well as under the Companies Act, 2013. It is an attempt to help by explaining the provisions relating to calculation of depreciation in an easy-to-understand language.

The Companies Act, 2013 has introduced one of the most important provisions for companies as well as auditors in the form of a new method of calculating depreciation as per Schedule II, Part C of the Companies Act, 2013. Extensive discussion on the concept of useful life under Companies Act, 2013 vis – a-vis detailed guidance on important practical issues like residual value, etc. In this book, an attempt has been made to overcome the need of Department as well as professionals who want to equip themselves by making the book look easy. This book provides the necessary guidance in the area of how to compute depreciation as per Income-tax Act, as well as as per Companies Act. It also describes the procedural aspects of computation of depreciation, also includes all the relevant amendments made by the Finance Act, 2020 and Notifications, Circulars, Instructions and other departmental release as on date. References to the latest and landmark judgements have been provided with relevant paragraphs.