verification of asset and liabilities
This query is : Resolved
01 October 2008
the provision of written off the whole low value asset i.e. less than rs.5000 as an revenue expenses. i want to know that this provision is in exsistance or not?
CA Nitin Wadhwani
(Expert)
02 October 2008
As per Schedule VI of Companies Act, Assets whose value is less than 5000 are to be depreciated at 100%.
But that is not the case in Income Tax Act.
But that is not the case in Income Tax Act.
CA Bosu babu
(Expert)
03 October 2008
as per Companies act you hav 2 writeoff assets valueing less than 5k....however the same shd be capitalised when u bought n shd writeoff fully at the time of caln of Depn.....
the above provn will not applicable under IT act....any amount should be capitalised under IT and provide depn as per IT....
the above provn will not applicable under IT act....any amount should be capitalised under IT and provide depn as per IT....
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
