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Fully written off of fixed assets
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.
Replies (4)
For computing Income under the head Income from Business / Profession, Fixed Asset written off is not a deductible item
Can this type of assets are 100% deprecated or not
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
Can there is any provision in company act 2013
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