A company had purchased a harddisk worth Rs.3200. Whether it's treated as a new asset purchased or repair and maintanence? According IT law and Cos. law.
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Query regarding co
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As per IT law , an asset shall be included in block of assets irrespective of its purchase price..(even if it is less than 5000)
On the other hand as per companies act any asset below Rs.5000 can be allowed 100% write off in the year of purchase itself ... However it should be recorded as an asset only if the purchased asset comprises atleast 10% of that kind of asset...
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