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100% w/o of asset purchased less than rs 5000,

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29 April 2008 100% w/o of asset purchased less than rs 5000, as per companies act 1956 ? explain in detaied
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
29 April 2008 if the assets is for temporary purpose then it is 100% dep.there is no any provision in the income tax act if assets is below 5000/-
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Jitender

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Jitender (Expert)
29 April 2008 if the asset may not be of temporary nature still 100% dep can be claimed in companies act only, if its value is less than 5000 at the time of purchase.
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
30 April 2008 But where an asset comprises of various small and below 5000 value parts/assets and after combining all, it became useful and valued more then 5000 then parts or assets purchased separately could not be written off being the individual value less then 5000.
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