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Discarding of Fixed Assets

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(Querist)
05 November 2008 Items like MODEMS have since been rendered as obsolete before completing their useful life and these are being carried at their book value. However, it is clear that these are of no use any more. How the same should be dealt with in accounts and what are the implications in Income Tax and Companies Act.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
05 November 2008 You can write off those assets as discarded in the books. But for getting Incometax benefit, you have to physically also dispose them of say sell as scrap/waste. You can't retain them physically and claim the benefit of discarding in the tax assessment.
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