Low value assets
This query is : Resolved
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.
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%
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?
21 August 2013
yes you can take value of single chair
21 August 2013
thanks for u r kind information sir
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