Firm purchases fixed assets below 5000

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2014 partnership firm purchases a mobile 4500 so is exp charges in P&l a/c

08 August 2014 you may capitalize it

08 August 2014 yes you can capitalized.


08 August 2014 yes you can capitalized.

08 August 2014 yes u can capitalise it ...................

08 August 2014 yes u can capitalise it ...................

08 August 2014 yes u can capitalise it ...................

08 August 2014 yes u can capitalise it ...................


09 August 2014 Neither you may capitalise it nor you can capitalise it.
You have to capitalise this.
Since In income tax act, this is no where mentioned to write off the same.



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