Dep rate on Temporary erections
This query is : Resolved
11 April 2009
Dear experts,
As per the companies act. shedule XIV notes in the schedule, if the cost of any individual assets purchased does not exceed 5000/- then that assets shall be depreciated at the rate of 100%.
Now my question is that whether these assets shall be depreciated at the rate of 100 % i.e assets used for less than 365 days shall be depreciated at the rate of 100% for the no of days for whcih the assets has been used or the assets shall be dpreciated fully in the year in which it has been purchased irrespective of the no. of days of use.
Kindly answer.
As per the companies act. shedule XIV notes in the schedule, if the cost of any individual assets purchased does not exceed 5000/- then that assets shall be depreciated at the rate of 100%.
Now my question is that whether these assets shall be depreciated at the rate of 100 % i.e assets used for less than 365 days shall be depreciated at the rate of 100% for the no of days for whcih the assets has been used or the assets shall be dpreciated fully in the year in which it has been purchased irrespective of the no. of days of use.
Kindly answer.
11 April 2009
The assets will be depreciated on the date of purchase itself irrespective of the number of days utilised if the value is less than Rs.5000 as per notes to schedule xiv
The assets will be depreciated on the date of purchase itself irrespective of the number of days utilised if the value is less than Rs.5000 as per notes to schedule xiv
Message likes :
1 times
11 April 2009
No need to count the no. of days. In other words can be fully depreciated.
11 April 2009
i support the experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
