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Depreciation

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(Querist)
26 June 2012 Hi
can u please guide the provision for depreciation on fixed assets valuing less than Rs. 5000 as per Companies Act and as per income tax Act.

Thanks
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CA Navin Jain

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CA Navin Jain (Expert)
26 June 2012 you can claim the 100% deprecation.
and need to mationed in notes to accounts that fixed assets having value upto rs. 5000 has been fully depreciated during the year.
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Roopali Jawa

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Roopali Jawa (Querist)
26 June 2012 Thank u Mr. Navin but i want the clear provisions regarding what does companies act specify n what does income tax act specify.. providing note is the alternative in all cases i want to know the provisions in d act..
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 June 2012 Proviso to note 8 of schedule XIV of the Companies Act,1956 says about such writing off where as there is no provision in Income tax Rules,1962( appendix-I) for the same.
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Roopali Jawa

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Roopali Jawa (Querist)
26 June 2012 Thank you so much Mr. B. Chackrapani.
I agree to it.
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