If value of mobile phone less than 5000.00 purcased one set on 12/08/2011 and another set on 31/10/2011
and furniture purchaed value less than Rs 5000.00
are the above fixed asset are eligible for 100% Dep as per Co ACt.
what about under income tax?
sch xiv is applicable only for Plant and machinery or foall asset for value less than Rs 5000.00
thanks and with regards
ramesh
For Income tax seperate rates
100% write off less than rs5000 for asset plant and machinery stated in schedule xiv
Mobile phones classified as office equipments and Furniture is a seperate category of Fixed Asset on which 100% write off not possible
Let other experts comment on this
Schedule XIV is applicable for all asset, so depreciation as to be provided at 100% for asset value less than Rs.5000/-...
I agree with Sivaram...
For information on depreciation of mobile phones you can refer following link:
/forum/depreciation-rate-40636.asp
CAclubindia
