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Depreciation

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12 November 2010 As per our Co Policy any asset upto 5000/= will be charged 100% depreciation in the month when purchased. Audit says that the said policy is ok for IT Act, but under Company's Act we have to charge at the prescribed rate irrespective of its value. For information we follow Co's Act as far as dep rate is concerned for our accounts . Is audit view is correct. If yes then what should we do as far as asset upto 5000/=
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 November 2010 View of the audit party is not fully correct. For details read proviso to note 8 to Schedule XIV of the Companies Act,1956.
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