Depreciation on fixed assets
This query is : Resolved
18 August 2011
At what rate depreciation should be charged on Fixed assets of below Rs 5000/- or we can write it off as revenue expense in the year of acquisition itself????
In Both Companies act & income tax point of View...
In Both Companies act & income tax point of View...
18 August 2011
As per Companies act assets below Rs.5000 can be depreciated as 100% in the year of purchase it self
Under Income tax, there is not such provision, assets coming under which block the same rate of depreciation need to be provided
Under Income tax, there is not such provision, assets coming under which block the same rate of depreciation need to be provided
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