TREATMENT OF ASSET-INCOMETAX/CO.'S ACT
This query is : Resolved
20 September 2007
WHILE ACCOUNTING ASSET ITEMS BELOW RS. 5000
IS THERE ANY STATUTORY REQUIREMENT TO TREAT THESE ITEMS AS ASSET AS WE CAN SET OFF THE ENTIRE AMOUNT BELOW 5000/= IN THE SAME FINANCIAL YEAR AS EXPENSE. WHEN WE ARE ACCOUNTING SMALL FAN, PHONE OR OTHER SMALL ITEM IS IT NECESSARY TO TREAT THESE AS ASSETS AS WE ARE NOT CLAIMING DEPRECTION
IS THERE ANY STATUTORY REQUIREMENT TO TREAT THESE ITEMS AS ASSET AS WE CAN SET OFF THE ENTIRE AMOUNT BELOW 5000/= IN THE SAME FINANCIAL YEAR AS EXPENSE. WHEN WE ARE ACCOUNTING SMALL FAN, PHONE OR OTHER SMALL ITEM IS IT NECESSARY TO TREAT THESE AS ASSETS AS WE ARE NOT CLAIMING DEPRECTION
20 September 2007
Hello Mr Lohithakshan,
You can claim 100% deprecaition on all your assets below 5000.
You can claim 100% deprecaition on all your assets below 5000.
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