01 October 2008
the provision of written off the whole low value asset i.e. less than rs.5000 as an revenue expenses. i want to know that this provision is in exsistance or not?
02 October 2008
As per Schedule VI of Companies Act, Assets whose value is less than 5000 are to be depreciated at 100%. But that is not the case in Income Tax Act.
03 October 2008
as per Companies act you hav 2 writeoff assets valueing less than 5k....however the same shd be capitalised when u bought n shd writeoff fully at the time of caln of Depn.....
the above provn will not applicable under IT act....any amount should be capitalised under IT and provide depn as per IT....
CAclubindia
