Depreciation on Assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2011
Please clarify and give guidence in respect of the following explanation given in the companies Act for Depreciation of Plant & Machinery
can we claim 100% depreciation for the cucles having WDV less than 5000/- (i.e) 3400/-
Provided that where the aggregate actual cost of individual items of plant & machinery costing Rs.5000 or less constitutes more than 10 per cent of the total actual cost of plant & machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the Schedule.
can we claim 100% depreciation for the cucles having WDV less than 5000/- (i.e) 3400/-
Provided that where the aggregate actual cost of individual items of plant & machinery costing Rs.5000 or less constitutes more than 10 per cent of the total actual cost of plant & machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the Schedule.
21 January 2011
For the purpose of Companies Act,1956, WDV cannot be equated with actual cost. Here the WDV being Rs.3,400/- the company cannot seek 100% depreciation vide note no. 8 of schedule XIV.
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