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?
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.
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
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
