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Question
_________ is not recognized by income tax law.
_________ is not recognized by income tax law.
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Solution
The correct option is C Straight Line Method
Option A is correct. Income Tax Act believes in writing off an asset according to the benefits received from it. Generally either the revenues tend to fall continuously on year to year basis or revenues remain the same but repair and maintenance cost begin to rise. Due to matching concept, in general, written down value method of depreciation is there under the Income Tax Act, 1961.
Option A is correct. Income Tax Act believes in writing off an asset according to the benefits received from it. Generally either the revenues tend to fall continuously on year to year basis or revenues remain the same but repair and maintenance cost begin to rise. Due to matching concept, in general, written down value method of depreciation is there under the Income Tax Act, 1961.
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