Any asset costing for less than 5000 should be depriciated @ 100%. So, is it must to first capitalize and then provide dep or can the purchase amt be directed charged to P & L A/c? Will this rule apply both for Income tax & Companies Act or what?
Please cite the relevant provisions
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Depreciation as per IT ACT for Asset less than 5000 Rupees
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Write off charge to profit and loss acount
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