10 July 2009
hi if asset is purchased in a year whose value is less than Rs.5000, should be depreciated at 100% as per companies act. pls tell me if this depreciation should be taken as per day wise depreciation or directly written off full figure of assets below Rs. 5000. for example if asset puchased in a year whose value is Rs 4000 and used in a year for 150 days.then depreciation should b taken for 150 days only or directly written off Rs 4000 as depreciation????
IS THERE ANY EFFECT ON INCOME TAX DEPRECIATION???? WHAT IF ASSETS IS FULLY W/OFF AS PER COMPANIES ACT DEP BECAUSE OF RS. 5000 AND USED FOR FULL YEAR THEN WHAT WILL BE EFFECT ON INCOMETAX DEPRECIATION. ASSET WIL NOT SHOW IN BOOKS OF ACCOUNTS BUT WILL SHOW IN INCOMETAX DEPRECIATION?
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