Capitalisation of Fixed Assets
This query is : Resolved
15 July 2010
Is there any provision in Co. Act that if value of fixed assets (suppose P&M) purchased during the year exceeds 10% of WDV then it is to be capitalised ? Or does AS-10 contains any clause regarding it ?
15 July 2010
Never heard of such rule. No such rule.
15 July 2010
There is a proviso to note no.8 of schedule XIV of the Companies Act,1956 which reads as follows.
'provided that where aggregate actual cost of individual items of plant and machinery costing Rs. 5,000/- or less constitutes more than 10 % of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates specified in item 11 of this schedule'.
'provided that where aggregate actual cost of individual items of plant and machinery costing Rs. 5,000/- or less constitutes more than 10 % of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates specified in item 11 of this schedule'.
Message likes :
1 times
15 July 2010
Correction of earlier statement
Nothing apart from that is there.
Nothing apart from that is there.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
