Fixed Assets - UPS Batteries
This query is : Resolved
14 January 2022
Dear sir,
In a company or Individual - purchased UPS Batteries life time 3 to 5 years (1 year warranty) booked under fixed assets (Plant & Machinery 15%) , and after 3 years we purchased new batteries, then the old batteries not written off and continues to claim the Depreciation, is it right as per act , please suggest / advice
In a company or Individual - purchased UPS Batteries life time 3 to 5 years (1 year warranty) booked under fixed assets (Plant & Machinery 15%) , and after 3 years we purchased new batteries, then the old batteries not written off and continues to claim the Depreciation, is it right as per act , please suggest / advice
14 January 2022
As per income tax act it's right but as per companies act it has to be removed from fixed assets by Fully depreciated in 3 to 5 years.
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