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Fixed asset and Expense

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(Querist)
21 August 2024 How can I differentiate between a fixed asset and an expense? What factors should be considered for categorization? If I purchase something under Rs. 10,000 and it has a durability of more than one year, should it be considered a fixed asset?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 August 2024 Yes, it should be considered as fixed assets. You can fix a monetary limit say 10,000.
Any assets purchased for value more than Rs 10,000 and useful life more than one year can be considered as fixed assets.
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