Depreciation under Income tax

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Satendra

Satendra (Querist)
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24 May 2010 I want to know is depreciation is deductible @ 100% on items costing below Rs. 5,000 under Income tax act.

Vinayak kini

Vinayak kini (Expert)
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24 May 2010 Yes

Satendra

Satendra (Querist)
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25 May 2010 can you let me know under which section

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Satendra

Satendra (Querist)
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27 May 2010 under sec 32 of Income tax there is no provision to depreciate assets @ 100% below costing Rs. 5,000. So kindly clear the status.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 May 2010 The provision for 100% deprecaition is for depn as per companies act only.

The same is not there for income tax purpose. depn allowable at normal rates only.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 May 2010 The provision for 100% deprecaition is for depn as per companies act only.

The same is not there for income tax purpose. depn allowable at normal rates only.

Satendra

Satendra (Querist)
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29 May 2010 Exactly, you are right aditya. Vinayak is not correct