Depreciation on value less than Rs.100...Urgent sir!!!
This query is : Resolved
25 September 2010
Dear Experts,
Very urgent Sir....
Pls. provide me whether for fixed assets having opening wdv less than Rs. 100 or so , still we have to calculate depreciation as per Income Tax Act on these assets?
Else can i write off the assets by putting the following entry.
Dep A/c Dr. 100
To Fixed Asset A/c 100
Is it right?
With regards,
Rajesh.
Very urgent Sir....
Pls. provide me whether for fixed assets having opening wdv less than Rs. 100 or so , still we have to calculate depreciation as per Income Tax Act on these assets?
Else can i write off the assets by putting the following entry.
Dep A/c Dr. 100
To Fixed Asset A/c 100
Is it right?
With regards,
Rajesh.
CA Suraj Lakhotia
(Expert)
25 September 2010
For the purpose of Income Tax, depreciation has to be caluclated on WDV.
However you may write off the same in the books of accounts by passing the entry proposed by you.
However you may write off the same in the books of accounts by passing the entry proposed by you.
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CA Amit Joshi
(Expert)
25 September 2010
You can write off.
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CA. Praveen Narayan
(Expert)
25 September 2010
As Suraj said, For IT purpose u `ve to calculate dpre on WDV. For accounts purpose u may written off fully..
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