For instance, the usable lifespan of a laptop or a smartphone might be limited to 4-5 years. For accounting and tax purposes, assets are divided into several classes, based on their useful life expectancy.
Any asset that helps in generating income or saving costs, such as property, automobiles and equipment, is subject to depreciation.
How to calculate it?
This story is from the April 2024 edition of Outlook Money.
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This story is from the April 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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