06 July 2009
Dear Friends, Proviso in sch xiv of companies act requires that an asset should be written off if its value is less than 5,000. But for income tax should we add such asset to the block or can we expense it off... i think we should add to block. What is the disclosure requirement under companies act for 100% depreciation? should we show in the P&L or in the depreciation schedule?
06 July 2009
There is no need for seperate disclosure. But u have to disclose this policy into your accounting policies which u will attach with your accounts. Thats enough.
CAclubindia
