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Depreciation on fixed assets upto rs 5000

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Querist : Anonymous

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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?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 June 2012 It should be Rs. 1000/- i.e. 100% of the Cost.
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