Depreciation
This query is : Resolved
Sunilkumar
(Querist)
24 September 2014
Hi There,
Is it possible to calculate 100 % depreciation on the assets which are less than 300000?
Is it mentioned in the act about limitation of the asset value? Or it’s depending on the company size / company policy?
Is it possible to calculate 100 % depreciation on the assets which are less than 300000?
Is it mentioned in the act about limitation of the asset value? Or it’s depending on the company size / company policy?
Nikhil Kaushik
(Expert)
24 September 2014
no it is not possible. You need to depreciate each asset irrespective of the cost as per the depreciation rates provided in the controlling Acts.
24 September 2014
As per companies Act, fixed asset of upto Rs.5000 can be depreciated 100% in one year.
Nikhil Kaushik
(Expert)
24 September 2014
No More Devanand.. that was as per Companies act 1956. Companies act 2013 has removed that option
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24 September 2014
Ok....thanks for correcting me Nikhilji.
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Sunilkumar
(Querist)
24 September 2014
Thanks Mr Devanand and Nikhil, Is there any option as per income tax act?
Nikhil Kaushik
(Expert)
24 September 2014
no. As per Income-tax Act...you gotta depreciate all assets
25 September 2014
as per income tax act all assets needs to depreciate.
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