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Depreciation under Income tax

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(Querist)
24 May 2010 I want to know is depreciation is deductible @ 100% on items costing below Rs. 5,000 under Income tax act.
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Vinayak kini

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Vinayak kini (Expert)
24 May 2010 Yes
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Satendra

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Satendra (Querist)
25 May 2010 can you let me know under which section
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Satendra

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Satendra (Querist)
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.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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Satendra

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Satendra (Querist)
29 May 2010 Exactly, you are right aditya. Vinayak is not correct
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