Sch XIV of Companies Act

This query is : Resolved 

06 July 2009 Dear Friends,
Proviso in sch xiv of companies act requires that an asset should be written off if its value is less than 5,000.
But for income tax should we add such asset to the block or can we expense it off... i think we should add to block.
What is the disclosure requirement under companies act for 100% depreciation? should we show in the P&L or in the depreciation schedule?

06 July 2009 There is no need for seperate disclosure. But u have to disclose this policy into your accounting policies which u will attach with your accounts. Thats enough.



06 July 2009 I also agree with Mr. Ponibass

07 July 2009 It is to be shown in depreciation schedule.



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