Depreciaiton for individual low cost items
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
for individual low cost items (cost less than 5000) is there any provision to write off at 100 % depreciation as per income tax act or this that provision only under companies act
06 July 2012
Treatment as per Companies Act is that you can write off in the year of purchase itself if the value is not exceeding Rs. 5000 per item.
you are not required to show it as fixed assets as per income tax also. it may be expended out in that year itself.
you are not required to show it as fixed assets as per income tax also. it may be expended out in that year itself.
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