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if we have taken Mobile phone for employees use ,can we
taken as assests for the company ? then what is the
deprecation rate ?
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Answer Posted / h.r. sreepada bhagi
If the value of each mobile phone is Rs. 5000/- or less, it
can be taken as asset and depreciation can be charged @ 100%
in the same financial year.
If the value of each unit is more, then rate mentioned in
Schedule to Indian Companies Act, 1956 has to be applied in
case of Company Accounts. In case of business units other
than companies (Ltd., Pvt. Ltd.), depreciation is calculated
as per the Income Tax Act, 1961 for Computation of Income
for filing the Tax Returns. Under income Tax also 100%
depreciation can be charged if the unit cost is as mentioned
above.
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