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Fixed assets

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(Querist)
03 December 2012 What is the treatement of Fixed assests of less than 5000 in partnership firm???
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 December 2012 Partnership firms generally use Income Tax depreciation rates for charging depreciation and hence normal depreciation procedure to follow and not to write off assets below Rs. 5,000/- like in companies act
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VARUN GUPTA

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VARUN GUPTA (Querist)
03 December 2012 thanks.... :-)
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