26 June 2012
Hi can u please guide the provision for depreciation on fixed assets valuing less than Rs. 5000 as per Companies Act and as per income tax Act.
26 June 2012
you can claim the 100% deprecation. and need to mationed in notes to accounts that fixed assets having value upto rs. 5000 has been fully depreciated during the year.
26 June 2012
Thank u Mr. Navin but i want the clear provisions regarding what does companies act specify n what does income tax act specify.. providing note is the alternative in all cases i want to know the provisions in d act..
26 June 2012
Proviso to note 8 of schedule XIV of the Companies Act,1956 says about such writing off where as there is no provision in Income tax Rules,1962( appendix-I) for the same.
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