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Amendment in Section 11(6) of the Act vide Finance Act No. 2/2014 which became effective from the Assessment Year 2015-2016 does not have retrospective effect.
The allocation of the depreciable amount of an asset over its estimated useful life is termed as depreciation. Read some other aspects of depreciation
Maintenance of capital is required for flow of income. To maintain capital intact, depreciation is provided. Check, is it sufficient in inflationary economy
We charged depreciation in the Profit and Loss Statement, though one thought is that, depreciation is source of fund. Lets discuss the thought