subhash (account assitant) (25 Points)
07 September 2013The writen down value of Computer as on balance sheet date 31.03.2013 is about Rs.1200.00,
Can I further charge depriciation @ 60 % or fully written off.
Pls give the reference of minimum amount up to which we can written down the assests fully 100% .
Mamta
(CA Final)
(62 Points)
Replied 07 September 2013
We can write it off completely according to Companies Act. I don't know about the same according to I.T. Act. Even i would also like to know the answer to this query
CA BHUMIT SHAH
(Consultant )
(270 Points)
Replied 08 September 2013
No you cannot write off fully the computer because in Income Tax Act as per Sec 32 of I.T Act you have to charge dep on Computer @ 60% even if it is small amt below Rs 5,000 .As per companies Act 1956 if u have purchased any item below or upto 5000 then only 100 % dep otherwise capitalize& charge as per schedule of companies act 1956 & here W.D.V is Rs 1200 not purchase thus u cannot write off 100 % u can write off 40% as per companies act 1956
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