If I purchased a fixed asset below Rs. 5000 then it's depreciated 100% in the year of purchase but if I purchased more than one asset which individual value is less than Rs. 5000 but bill amount (aggregately) is above Rs.5000 then wheter the asset will be depreciated 100% or not (refer section 250 read with 350)
And what are the depreciation (under section 32) as per IT Act, 1961
You have to consider each Asset and not the total bill Value for Financial Accounting Purposes. As far as the Tax depreciation is concerned, you need to add the cost of purchase to the relevant block and avail depreciation.
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