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Which of the following statements apply in case of depreciation (1)...

This question belongs to Commerce Income Tax And Corporate Tax
Income Tax and Corporate Tax
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Which of the following statements apply in case of depreciation?
(1) Depreciation is applied as per written down value of each block of asset.
(2) Depreciation is applied in case of tangible assets (buildings, machinery, plant or furniture) and Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature).
(3) If the asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above.
(4) Additional depreciation shall be allowed at 20% of actual cost of certain new plant and machinery.

Answer & Solution
Correct Answer: Option A
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