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 ??
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.
CAclubindia
