Depreciation under Income tax
This query is : Resolved
24 May 2010
I want to know is depreciation is deductible @ 100% on items costing below Rs. 5,000 under Income tax act.
24 May 2010
Yes
27 May 2010
under sec 32 of Income tax there is no provision to depreciate assets @ 100% below costing Rs. 5,000. So kindly clear the status.
29 May 2010
The provision for 100% deprecaition is for depn as per companies act only.
The same is not there for income tax purpose. depn allowable at normal rates only.
The same is not there for income tax purpose. depn allowable at normal rates only.
29 May 2010
The provision for 100% deprecaition is for depn as per companies act only.
The same is not there for income tax purpose. depn allowable at normal rates only.
The same is not there for income tax purpose. depn allowable at normal rates only.
29 May 2010
Exactly, you are right aditya. Vinayak is not correct
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