Depreciation on Fixed Asset beyond useful years
This query is : Resolved
10 April 2023
If an asset ( Laptop ) of INR 30,000 is procured and put to use on 31st March 2019 and has been depreciated @ 63.16 % per year ( useful value of 3 Years ) and as on 31st March 2022 its value is INR 1,500 Can it still be depreciated in FY 22-23 ??
10 April 2023
As per IT act, if that be the only asset left in the block of assets, you can write off the amount fully.
11 April 2023
Yes, allowed to depreciate.
The concept of 100% depreciation of assets whose cost are less than Rs. 5000/- is deleted hence under new act it will be depreciated as per other normal provisions of schedule II.
The concept of 100% depreciation of assets whose cost are less than Rs. 5000/- is deleted hence under new act it will be depreciated as per other normal provisions of schedule II.
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