M P Precision Limited bought equipment for ₹ 14.50 million. The company estimates that the useful life of the equipment is 10 years with a residual value of ₹ 2.5 million. 

1. Prepare the depreciation schedule of the equipment using straight line method (SLM) of depreciation. 

2. Assuming that the equipment is eligible for claiming depreciation at 40% per annum on written down value (WDV) basis. Calculate depreciation for tax accounting purposes.

3. What will be the impact of reported profit vis­à­vis taxable income?