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Depreciation on Books

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(Querist)
11 October 2016 Can we consider Books and periodicals as an fixed assets in case if an individual is an ADVOCATE? Please suggest me, sir
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
12 October 2016 Books and periodicals are generally not considered as fixed assets and further any asset whose individual value is less than Rs.5000 is written off in the same year. Thus books and periodicals are required to be written off in the same year.
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Dhanumjaya Rayal

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Dhanumjaya Rayal (Querist)
12 October 2016 Thank you Madam for your response
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