Aar Dee Limited bought a machine for ₹ 600,000. The management estimates a useful life of 10 years for the machine after which it can be sold for ₹ 30,000. For accounting purposes, the company charges depreciation on SLM basis. Whereas for tax purposes the machine is eligible for depreciation at 25% on WDV basis. 

1. Prepare the depreciation schedule for financial accounting as well as tax accounting? 

2. How would the depreciation charge cause difference between taxable income and reported profit in each of these years?