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.
Menu
Query regarding co
Replies (1)
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...
Recent Threads
- Turnover limit for composition dealer in gst
- My client purchases Rs. 3 crores and his turnover
- Regarding CA foundation Exemption (Direct Entry Sc
- CFSS Scheme
- Transfer of ITC from individual to LLP
- Query of Goodwill
- Remuneration to Partners
- Request For Dhirajlal Rambhia
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
Related Threads
CAclubindia
