Sec 32
This query is : Resolved
05 March 2009
Are Low Value Items (below 5000/-) eligible for depreciation under block assets or can they be directly expensed out as per companies act for tax purposes as well.
Thank You.
Thank You.
05 March 2009
if is an asset(capital expenditure) than it has to be added under the block of assets for claiming depreciation.
05 March 2009
Thanks but,
Does it means that an asset say printer costing rs 3000/- is purchased. it should be added in block of assets under "computers" evenif the same is taken to P&L A/c being low value
Thanks but,
Does it means that an asset say printer costing rs 3000/- is purchased. it should be added in block of assets under "computers" evenif the same is taken to P&L A/c being low value
09 March 2009
accounting and income tax both have different principles so calculate accordingly.
01 April 2009
i agree with Mr. Tirth
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