the depreciation for the first year was incorrectly adjusted in the last year. The fix ensures that the depreciation of the first year is not adjusted in the last year when this checkbox is enabled.
Although most business owners choose accelerated depreciation, it may not be prudent to take the biggest deductions in the first years that you are in business. Assuming that you will earn more income as the business grows, you may want to use the straight-line method, which may give you th...
To meet the legal requirement: To comply with the provisions of the Companies Act and Income Tax Act, it is necessary to charge depreciation.The causes of depreciation are as stated below:Use of Asset i.e., wear and tear: Due to constant use of the fixed assets there exist a normal ...