Dep on Asset which costs less than Rs. 5000
This query is : Resolved
30 June 2008
Is there any rule or guidline which says that if actual cost of an asset is less than Rs 5000 than it shud be charged to P & L Account instead of capitalising it.
Pls keep in mind the guidlines of Shedule 14
Pls keep in mind the guidlines of Shedule 14
30 June 2008
Schedule XIV, Note 8
8. Notwithstanding anything mentioned in this Schedule depreciation on assets, whose actual cost does not exceed five thousand rupees, shall be provided depreciation at the rate of hundred per cent:]
http://www.vakilno1.com/bareacts/companiesact/SCHEDULE%20659%20-%20674/sSCXIV%20-%20672.htm
8. Notwithstanding anything mentioned in this Schedule depreciation on assets, whose actual cost does not exceed five thousand rupees, shall be provided depreciation at the rate of hundred per cent:]
http://www.vakilno1.com/bareacts/companiesact/SCHEDULE%20659%20-%20674/sSCXIV%20-%20672.htm
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