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Depreciation

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(Querist)
24 September 2014 Hi There,

Is it possible to calculate 100 % depreciation on the assets which are less than 300000?
Is it mentioned in the act about limitation of the asset value? Or it’s depending on the company size / company policy?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 September 2014 no it is not possible. You need to depreciate each asset irrespective of the cost as per the depreciation rates provided in the controlling Acts.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
24 September 2014 As per companies Act, fixed asset of upto Rs.5000 can be depreciated 100% in one year.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 September 2014 No More Devanand.. that was as per Companies act 1956. Companies act 2013 has removed that option
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
24 September 2014 Ok....thanks for correcting me Nikhilji.
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Sunilkumar

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Sunilkumar (Querist)
24 September 2014 Thanks Mr Devanand and Nikhil, Is there any option as per income tax act?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 September 2014 no. As per Income-tax Act...you gotta depreciate all assets
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
25 September 2014 as per income tax act all assets needs to depreciate.
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