Please Help: Depreciation
Posted Date : 24-Jan-2013 , 06:03:23 pm | Posted By yuvraj sharma
what is the minimum amount of depreciable assets to fully write off
Category : Accounts | Answers : 2 | Comments : 3 | Hits : 217
Answers
Answer By: CA Satuti Mahajan
nil.
Answer By: Rishabh Upadhyay
No such minimun limits fixed under incometax act. assessee and write off the asset fully if required.
Comments
subodh agarwal
25-Jan-2013 , 01:57:45 amFriend, As per Income Tax act , you cannot w/off any amount. But as per companies act- you can W/off any assets amount of Rs. 5000 not more than it. There might be a question arising in your mind that, if asset is purchase in a same year and can be w/off full. No,it can be w/off in next year.
SANJEEV
27-Jan-2013 , 10:14:34 amRs.5000/=
Raju
01-Feb-2013 , 11:37:18 pmthe answer depends on the Act under which depreciation is to be computed. Under Income Tax Act, 1961, all items of fixed assets can be depreciated at the rates prescribed for Income Tax Purposes. But, under Companies Act, 1956, 100 % depreciation for each item of asset amounting to Rs. 5,000 or less.