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Dep on Asset which costs less than Rs. 5000

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CA Anuj Garg

CA Anuj Garg (Querist)
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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

CA Anand Sarda

CA Anand Sarda (Expert)
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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:]

https://www.vakilno1.com/bareacts/companiesact/SCHEDULE%20659%20-%20674/sSCXIV%20-%20672.htm

C.rajesh (Expert)
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01 July 2008 yes its absolutly correct

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