Depreciaiton for individual low cost items
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
for individual low cost items (cost less than 5000) is there any provision to write off at 100 % depreciation as per income tax act or this that provision only under companies act
06 July 2012
Treatment as per Companies Act is that you can write off in the year of purchase itself if the value is not exceeding Rs. 5000 per item.
you are not required to show it as fixed assets as per income tax also. it may be expended out in that year itself.
you are not required to show it as fixed assets as per income tax also. it may be expended out in that year itself.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank accounts of Non resident
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
