What is the minimum life for an asset to be considered as an Fixed Asset?
If your answer is one year then kindly back it with the Para No of the AS 10 or some guidance note in which it is mentioned like that.
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Minimum life of fixed asset?
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If the entity is company, then maximum life is defined in schedule xiv of comp act 1956. And for other entities, it's management task to determine FA life. 
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