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Fully written off of fixed assets

14 October 2021

fixed assets amount below rupees 5,000, can allow to fully written off form fixed asset. If yes then which sec and act or if no then what is limit for that.

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4 Replies

JGM (Knowledge Sharer) (443 Points)
Replied 14 October 2021

For computing Income under the head Income from Business / Profession, Fixed Asset written off is not a deductible item

Yogendra Singh (87 Points)
Replied 14 October 2021

Can this type of assets are 100% deprecated or not

JGM (Knowledge Sharer) (443 Points)
Replied 14 October 2021

For accounting purpose, they can be written off completely. However, for income-tax purpose, they should form part of the relevant block and accordingly tax depreciation is permitted