Depreciation

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Roopali Jawa (Querist)

26 June 2012 Hi
can u please guide the provision for depreciation on fixed assets valuing less than Rs. 5000 as per Companies Act and as per income tax Act.

Thanks

CA Navin Jain

CA Navin Jain (Expert)

26 June 2012 you can claim the 100% deprecation.
and need to mationed in notes to accounts that fixed assets having value upto rs. 5000 has been fully depreciated during the year.

Roopali Jawa

Roopali Jawa (Querist)

26 June 2012 Thank u Mr. Navin but i want the clear provisions regarding what does companies act specify n what does income tax act specify.. providing note is the alternative in all cases i want to know the provisions in d act..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

26 June 2012 Proviso to note 8 of schedule XIV of the Companies Act,1956 says about such writing off where as there is no provision in Income tax Rules,1962( appendix-I) for the same.

Roopali Jawa

Roopali Jawa (Querist)

26 June 2012 Thank you so much Mr. B. Chackrapani.
I agree to it.

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