It usually found in practice that if the assets acquisition cost are below Rs.5000/- then claim 100% depreciation .can anyone intimate me where it has mention or if possible quote section of Income Tax or Case law
C.A Tarun Shah (practice) (271 Points)
29 August 2008It usually found in practice that if the assets acquisition cost are below Rs.5000/- then claim 100% depreciation .can anyone intimate me where it has mention or if possible quote section of Income Tax or Case law
Satyendra sahu
(service)
(216 Points)
Replied 29 August 2008
Dear Tarun,
I think this provision is in Companies act not in Income tax. Please refer notes of Schedule XIV of companies act 1956 for this.
CA MOHIT VAATS
(Consultant)
(554 Points)
Replied 29 August 2008
The same has not been said by Income tax but by the Accounting Standard -10 & also Company Act allowed that assets below Rs. 5000 can be fully depreciate in the same year in which they have purchase.
CAclubindia
