Low value assets
This query is : Resolved
A.JAGADEEP
(Querist)
21 August 2013
Sir,
If i purchased 10 chairs costing each 3000/- and invoice raised for 30000/-. so in current year what is depreciation amount that i can claim?
If i purchased 10 chairs costing each 3000/- and invoice raised for 30000/-. so in current year what is depreciation amount that i can claim?
21 August 2013
You have not mentioned whether you need depreciation as per companies act or income tax act.
They are furniture and rate shall be charged as that applicable for Furniture.
They are furniture and rate shall be charged as that applicable for Furniture.
CA UMESH DULAL
(Expert)
21 August 2013
as per company act you can write off entire amount as expenses as the value of assets is less than 5000
as per IT act, you can deprecate @ 10%
as per IT act, you can deprecate @ 10%
A.JAGADEEP
(Querist)
21 August 2013
Umesh Sir,
Here we have to consider single chair (costing-3000/-) only and not total value?
is it right??
We have to consider individual cost of the asset only?
Here we have to consider single chair (costing-3000/-) only and not total value?
is it right??
We have to consider individual cost of the asset only?
CA UMESH DULAL
(Expert)
21 August 2013
yes you can take value of single chair
A.JAGADEEP
(Querist)
21 August 2013
thanks for u r kind information sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- TDS- 2026-27 Q1 Correction
- Advances to related party
- Rent agreement of House of deceased person
- LLP audit and disclosure
- Capital Gains Tax on Inherited Mutual Fund
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
