mobile can be consider as assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2016 MOBILE CAN BE PURCHASE OF ANY COST FROM RS. 500 TO ABOVE
CAN BE CONSIDER AS ASSETS IN BOOKS AND CAN CLAIM DEP & ALSO CONSIDER THE RATE OF DEP

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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26 January 2016 If enduring benefit from that mobile is more than a year, you may capitalise the same. You may cross check the below:
1. It is not a current asset (trading asset);
2. enduring benefit is more than a year;
3. Not a personal asset; etc.

If the answer to the above all the three is affirmative, you may capitalise the same.