Depreciation (ScheduleXIV)
This query is : Resolved
Chaitanya G Kukalyekar
(Querist)
17 August 2009
Can anyone please tell me if the limit of Rs. 5000, mentioned in ScheduleXIV, for the assets to be provided the 100 percent depreciation is increased to Rs. 10000/-?? If yes, then can u mail me a notification or something....
Guest
Guest
(Expert)
17 August 2009
Dear Chaitanya
There is no amendment in Schedule XIV, Note 13 of the Companies Act.
Hence, the following remains the same:
Provided that where the aggregate actual cost of individual items of plant and machinery costing Rs. 5,000 or less constitutes more than 10 per cent of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the Schedule.]
Trust, this helps you.
Best Regards
CA Himanshu Garg
ca.hims@gmail.com
There is no amendment in Schedule XIV, Note 13 of the Companies Act.
Hence, the following remains the same:
Provided that where the aggregate actual cost of individual items of plant and machinery costing Rs. 5,000 or less constitutes more than 10 per cent of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the Schedule.]
Trust, this helps you.
Best Regards
CA Himanshu Garg
ca.hims@gmail.com
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