Depreciation on fixed assets upto rs 5000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2012
Dear Sir,
As per Note No. 8 of Schedule XIV of Companies Act, 1956, the rate of depreciation is 100% for the assets whose value does not exceed Rs 5000/-,
Now my question is
If a assets is purchased for Rs 1000 as on 01-03-2012, whether the depreciation shall be Rs 1000 (100% of cost) or proportionate basis on the no. of days say Rs 84 for 31days in the month of march only?
As per Note No. 8 of Schedule XIV of Companies Act, 1956, the rate of depreciation is 100% for the assets whose value does not exceed Rs 5000/-,
Now my question is
If a assets is purchased for Rs 1000 as on 01-03-2012, whether the depreciation shall be Rs 1000 (100% of cost) or proportionate basis on the no. of days say Rs 84 for 31days in the month of march only?
27 June 2012
It should be Rs. 1000/- i.e. 100% of the Cost.
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