Treatment of asset purchased Below rs.5000
This query is : Resolved
23 June 2008
hi to all,
i want to know the complete treatment of assets purchased below Rs.5000, whether we have to capitalise the same or expensed off within a year. and wat would be its treatment under Income Tax act,1956
i want to know the complete treatment of assets purchased below Rs.5000, whether we have to capitalise the same or expensed off within a year. and wat would be its treatment under Income Tax act,1956
24 June 2008
As far as The Companies Act is concerned, Depreciation on Fixed Assets of Rs 5000/- and below shall be provided @ 100% in the year in which it is acquired.
But, In Income Tax Act, there is no where mention of any such provision. Hence, it is to be treated on par with any other assets
But, In Income Tax Act, there is no where mention of any such provision. Hence, it is to be treated on par with any other assets
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
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- NRI INSURANCE ADVISOR
- Reporting in TDS return
- Loss of interest in PF transfer from EPFO to Trust
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Missed TDS
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
